06:48:03 EST Sat 24 Feb 2024
Enter Symbol
or Name

Cenovus Energy Inc
Symbol CVE
Shares Issued 1,882,786,392
Close 2023-11-27 C$ 23.86
Market Cap C$ 44,923,283,313
Recent Sedar Documents

FP/CP say MEG, rivals hear carbon capture plans panned

2023-11-27 08:13 ET - In the News

See In the News (C-MEG) MEG Energy Corp

The Financial Post reports in its Saturday, Nov. 25, edition that carbon capture and storage have become a key plank of the Canadian oil and gas sector's decarbonization goals, but a new report from the International Energy Agency warns against banking on the technology as the planet continues to warm. A Canadian Press dispatch to the Post reports that on Thursday, the IEA said oil and gas companies need to start "letting go of the illusion" that "implausibly large" amounts of carbon capture are the solution to the global climate crisis. Oil sands companies, for example, have banded together to propose a $16.5-billion carbon capture and storage project in Alberta that they say will help them reach net-zero emissions from production by 2050. Ottawa is promising a tax credit for companies that deploy carbon capture projects. While the IEA report acknowledges that carbon capture is an important tool in the fight against climate change it warns against "excessive expectations" and reliance on the technology. The report states that limiting global temperature increases to 1.5 degrees Celsius would require an "inconceivable" 32 billion tonnes of emissions to be sequestered by carbon capture by 2050.

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