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Cenovus CEO blasts carbon tax, questions value of Pathways carbon capture project
CALGARY — The CEO of Cenovus says Ottawa’s carbon tax is continuing to undermine investment in Canada’s energy sector and should be scrapped.
Jon McKenzie told an audience at the Global Energy Show that Canada has spent the last decade piling on new costs and regulations on the oil and gas sector, while competing oil-producing nations have expanded both investment and production.
“Over the past decade, we have continued to add incremental regulatory burdens and costs to the industry,” McKenzie said, citing carbon taxes, methane regulations, and permitting delays, as among many other red tape issues.
“We have done all of this under the belief that we are climate leaders. The reality is we are not leading if no one else is following.”
McKenzie argued the carbon tax has failed to achieve its stated purpose of encouraging emissions-reduction investments and instead functions as a growing cost of doing business for ...
