19:23:50 EDT Sat 07 Sep 2024
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Cenovus Energy Inc
Symbol CVE
Shares Issued 1,859,372,899
Close 2024-07-15 C$ 28.24
Market Cap C$ 52,508,690,668
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Globe says MEG, others shouldn't fret over Bill C-59

2024-07-16 08:07 ET - In the News

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

The Globe and Mail reports in its Tuesday edition that last month's passage of antigreen-washing Bill C-59 has caused an extremely strong reaction in the oil industry. The Globe's guest columnist Hugh Helferty writes that as a former Exxon Mobil executive, he does not understand what all the fuss is about. Bill C-59 includes an amendment that mandates corporations to provide evidence supporting their environmental claims. In response, the Pathways Alliance, a consortium of Canada's six largest oil sands companies, removed all content from its website and social media channels. Many oil and gas companies promptly took down claims or added disclaimers to their sites. Some have criticized the amendment as overbroad, extreme and even unconstitutional. Mr. Helferty says if their environmental claims are supported by facts, they should be able to handily defend them. He says a lack of transparency seeds distrust. Mr. Helferty adds that the new legislation will offer much-needed protection against false, unfounded or misleading advertising. Critics say Bill C-59 "opens the door for frivolous litigation." Mr. Helferty, however, says it is the oil industry that is guilty of frivolous litigation and not the other way around.

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