Suncor Energy Inc T.SU

RE:Cenovus AP HITS HARD At The Federal Battery Funding SCAM

[mrbb]

ztransforms173 wrote: - of course, he has to say it in a DIPLOMATIC MANNER

Oilsands can decarbonize on 'fraction' of funding battery makers are getting, says Cenovus chair

Ottawa needs to support oil industry if cutting carbon is the goal, says Alex Pourbaix

Naimul Karim

Published Oct 13, 2023  •
  Last updated 2 days ago  •
  3 minute read

 

Employees walk by natural gas steam generators at the Cenovus SAGD oilsands facility near Conklin, Alta. Photo by Ryan Jackson / Postmedia

Article content

The chair of one of Canada’s largest companies in the oil patch says the sector can remove a significant amount of carbon from the economy with just a “fraction” of the billions of dollars that Ottawa is spending to build its battery industry.

Alex Pourbaix, executive chair of Cenovus Energy Inc., said Canadian fossil fuel companies are trying to remove 22 megatonnes of carbon dioxide by 2030 by using various technologies such as carbon capture and storage and nuclear energy.

“I can’t imagine that any level of battery technology is going to achieve that kind of decarbonization,” he said.

Cenovus is part of an organization called Pathways Alliance along with five of the other largest oilsands companies, including Suncor Energy Inc. and Canadian Natural Resources Ltd., and Pourbaix said the government should support the alliance’s goals.

“We are asking for a fraction of what the government has already given, as I understand it, to the battery manufacturers,” he said. “If the goal here is to remove carbon from the economy at the lowest average cost, then I would suggest the government should take a very, very hard look at continuing to support our industry.”

In 2023, Canadian governments signed agreements with battery and car makers such as Stellantis NV, LG Energy Solution Ltd., Volkswagen AG and Northvolt AB to build three battery plants in Canada, with governments offering the companies performance incentives worth billions of dollars in an effort to match incentives provided by the United States.

Aside from battery plants, Canada has also taken steps to boost its mining sector and encourage companies to mine materials such as lithium, copper and rare earths, which are needed to build batteries that power electric vehicles. For example, the federal government allocated a record $3.8 billion to its critical minerals strategy in the 2022 budget.

https://financialpost.com/commodities/energy/oil-gas/cenovus-oilsands-cut-carbon-fraction-battery-funding

- the OUTRAGEOUS federal/provincial subsidies to the BATTERY PRODUCERS are just another DEEP STATE TRANSFER OF WEALTH from the Canadian TAXPAYERS to the DARK INTERESTS

z173

JT works for the WEF, Soros, and alike, not Canada.