U.S. markets closed
  • S&P 500

    3,911.74
    +116.01 (+3.06%)
     
  • Dow 30

    31,500.68
    +823.32 (+2.68%)
     
  • Nasdaq

    11,607.62
    +375.43 (+3.34%)
     
  • Russell 2000

    1,765.74
    +54.06 (+3.16%)
     
  • Crude Oil

    107.06
    +2.79 (+2.68%)
     
  • Gold

    1,828.10
    -1.70 (-0.09%)
     
  • Silver

    21.13
    +0.09 (+0.42%)
     
  • EUR/USD

    1.0559
    +0.0034 (+0.33%)
     
  • 10-Yr Bond

    3.1250
    +0.0570 (+1.86%)
     
  • GBP/USD

    1.2270
    +0.0009 (+0.07%)
     
  • USD/JPY

    135.2100
    +0.2770 (+0.21%)
     
  • BTC-USD

    21,435.59
    +19.41 (+0.09%)
     
  • CMC Crypto 200

    462.12
    +8.22 (+1.81%)
     
  • FTSE 100

    7,208.81
    +188.36 (+2.68%)
     
  • Nikkei 225

    26,491.97
    +320.72 (+1.23%)
     

Imperial Oil to reduce 30% oil sands emission intensity by 2030

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
FILE PHOTO: View of refinery near Enbridge's Line 5 pipeline, in Ontario
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

(Reuters) - Canada's Imperial Oil Ltd aims to reduce greenhouse gas (GHG) emissions intensity from its oil sands operations by 30% by the end of 2030, compared with 2016 levels, the company said on Wednesday.

It plans to reduce Scope 1 and 2 emissions intensity through implementation of newer technologies at its Cold Lake operation in Alberta, efficiency improvements at its facilities and the use of carbon capture and storage.

The Calgary-based energy company also reaffirmed its goal to achieve net zero Scope 1 and 2 GHG emissions in its oil sands operations by 2050.

Scope 1 refers to emissions from a company's direct operations such as a diesel generator on an offshore platform, while Scope 2 are emissions from the power a company uses, such as gas-powered electricity purchased.

Imperial, which is majority-owned by Exxon Mobil, is part of Canadian oil sands producers alliance formed last year to achieve net-zero greenhouse gas emissions from their operations by 2050, as the cash-rich firms come under pressure to meet the country's goal on energy transition. (https://reut.rs/3GqoBqa)

Exxon on Tuesday also pledged to cut to zero its net carbon emissions from its global operations by 2050, a step in the direction of rivals minimizing their carbon footprints.

(Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)