On June 9, 2021, the alliance declared our ambition to work together and with governments to achieve net zero greenhouse gas (GHG) emissions from our oil sands operations by 2050. The path forward to reduce emissions of 68 Mt of CO2 per year is supported by a three-phase approach. Because no single solution will get us to net zero, multiple parallel pathways are needed – from electrification, fuel substitution and energy efficiency to carbon capture, process improvements and the implementation of emerging technologies.
The first phase includes our foundational project, a major carbon capture utilization and storage (CCUS) transportation line connecting oil sands facilities in the Fort McMurray, Christina Lake and Cold Lake regions of Alberta to a carbon storage hub near Cold Lake.
The transportation line would be expanded in phases to gather captured CO2 from more than 20 oil sands facilities and it would also be available to other industries interested in capturing their own emissions.2
We have seen success in reducing GHG emissions with similar CCUS projects in Norway and the Netherlands. Our path forward takes lessons learned from these countries and builds upon them for a made-in-Canada solution. These projects have shown that collaboration between industry and governments can make a significant impact toward achieving net zero emissions.