CVE Pourbaix reply to the press has many implications for taxpayers, lack future energy security, etc, but staying on topic this is IMHO bullish for AXE.
Cenovus CEO warns Ottawa's emissions cap could shut in future oilpatch production Aggressive proposed emissions targets for oil and gas industry likely impossible to hit, Pourbaix says
Publishing date:
Jul 28, 2022 https://financialpost.com/commodities/energy/oil-gas/cenovus-energy-hikes-spending-forecast-q2-profit The federal government recently opened consultations with industry on a proposed cap on oil and gas emissions in the form of either an industry-specific cap-and-trade system or a modified carbon pricing system. The Trudeau government has called on the sector to reach a target of 110 million tonnes by 2030 — equivalent to a 42 per cent cut from 2019 levels.
Gov changing the Goal posts yet again
Pourbaix said the federal targets significantly exceed the 30 per cent reduction by 2030 that oilsands producers have committed to under the Pathways Alliance — a consortium of six major oilsands firms who have pledged to decarbonize production to reach net-zero by 2050.
“Those are much more aggressive goals than are being asked of any of the other industrial sectors in in the country, including agriculture, heavy industry, and transportation,” Pourbaix said. “I think they’re going to be incredibly difficult — I don’t think they’re possible to hit.”