The chief executive of Cenovus Energy says it feels like a “new day” for the oil and gas sector as Canada appears willing to shift its stance on emissions regulations.
Jon McKenzie told reporters in St. John’s today he feels a change in attitude toward the industry, which he says can produce oil and gas responsibly.
The federal budget this month included the prospect of removing the planned emissions cap on oil and gas production.
Jim Keating, chief executive of Newfoundland and Labrador’s oil corporation, said the cap — scheduled to come into force in 2030 — discouraged exploration and investment in the province’s offshore.
However, climate scientist Damon Matthews says a world that paves the way for more oil and gas development is incompatible from one that can limit global warming to 1.5 C.
The Concordia University professor says the world is on track to warm by about 3 C by the end of the century, “and that is not a world that we want to live in.”
This report by The Canadian Press was first published Nov. 26, 202. With files from The Associated Press
