19:26:25 EDT Sat 07 Sep 2024
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Cenovus Energy Inc
Symbol CVE
Shares Issued 1,857,330,139
Close 2024-06-24 C$ 26.31
Market Cap C$ 48,866,355,957
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Globe says MEG, rivals hear greenwashing is rampant

2024-06-24 08:09 ET - In the News

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

The Globe and Mail reports in its Monday, June 24, edition that the era of empty net-zero pledges, dubious eco-labels and vague green claims in Canada may be coming to an end. The Globe's guest columnists Julien Beaulieu and Wren Montgomery write that despite opposition from fossil-fuel lobby groups and the governments of Alberta and Saskatchewan, Bill C-59 has been given royal assent by the Governor-General. This bill introduces new rules in the Competition Act to combat greenwashing. The impact of these changes is already evident, with the Pathways Alliance, a lobby group for the fossil-fuel industry, shutting down its website and social media feeds. Additionally, the Alberta government has closed its energy "war room," the Canadian Energy Centre. Critics argued the new rules would limit the ability of companies to advertise their environmental practices. Alberta's Minister of Environment, Rebecca Schulz, even referred to the provisions as an "undemocratic gag order" that urgently needed to be stopped. Studies have found that up to 50 per cent of green claims have no supporting evidence. In short, greenwashing is rampant. Deceptive environmental claims breed skepticism for all green products.

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