The Canadian oil and gas industry is engaging in greenwashing by endorsing a 2050 net-zero target while actively lobbying against measures that would achieve that climate goal, international non-profit InfluenceMap says in a report.
U.K.-based InfluenceMap – which is funded by major foundations in Europe and the United States – analyzed the climate policy engagement of the six largest oil and pipeline companies headquartered in Canada, as well as the Canadian Association of Petroleum Producers (CAPP). It scored them on three key issues: whether they advocate for fossil fuel expansion; whether they advocate for increased subsidies; and whether they oppose emissions regulations.
“Despite the Canadian oil and gas sector’s widespread use of net zero commitments and narratives, the industry remains strategically opposed to science-based policy to deliver net zero targets in line with limiting warming to 1.5°C,” the report said.
McKenna echoes the InfluenceMap criticism of Canadian oil and pipeline companies.
They “continue to advertise that they’re committed to net zero while lobbying against the climate action needed to make this goal possible,” she told Corporate Knights. McKenna stressed that companies are failing to significantly invest in the technology solutions that they espouse, despite their record profits in 2022. Meanwhile, they’re hiking dividends and share buybacks.
Pathways Alliance, which represents the largest oil sands producers, has laid out a plan that it says will cut emissions by 20 megatonnes by 2030 and achieve net-zero emissions in its operations by 2050.
The group has launched a major advertising campaign touting its climate plan, including frequent television spots. However, McKenna argues that it cannot be taken seriously until the companies allocate major capital spending to it and align their executives’ compensation to provide incentives for environmental improvement. Suncor, which InfluenceMap ranked as a leader among Canadian companies, recently announced it has appointed as its new chief executive Rich Kruger, former CEO at Imperial Oil Ltd., which received the lowest marks in InfluenceMap’s ratings.