03:42:05 EDT Thu 18 Jul 2024
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Cenovus Energy Inc
Symbol CVE
Shares Issued 1,896,439,014
Close 2023-09-22 C$ 26.64
Market Cap C$ 50,521,135,333
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Globe says Exxon, rivals not talking climate change

2023-09-25 07:33 ET - In the News

See In the News (C-XOM) Exxon Mobil CDR (CAD Hedged)

The Globe and Mail reports in its Saturday edition that climate change was not talked about at the 24th World Petroleum Congress in Calgary last week. The Globe's Emma Graney writes that just a few years ago, it was de rigueur for oil companies to highlight their climate goals. Now, geopolitical forces have shifted the focus to energy security, and producers have become increasingly emboldened to push back on the narrative that fossil fuels will be phased out. Instead, companies and oil-rich jurisdictions have tied the future of fossil-fuel demand squarely to affordability in the face of increasing global economic uncertainty. The World Petroleum Council unveiled its new branding at this year's congress, officially changing its name to WPC Energy to reflect what it calls a "commitment to lead the global transition to a low-carbon energy system." That goal, however, is not so much about reducing the world's reliance on fossil fuels, as it is about diversifying energy sources and lowering emissions via innovation and tools such as carbon capture and storage. The target of limiting global warming to 1.5 degrees Celsius was "the obvious elephant in the room," said Royal Dutch Shell former chief adviser Wim Thomas.

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