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OTTAWA — The federal environment minister is calling out Canada's oil companies for failing to put cash behind their promises to tackle climate change.
"We're already putting our money where our mouth is," Guilbeault said in an interview."I'm not sure they are." Global oil prices surged early in 2022 largely due to the Russian invasion of Ukraine, and Canadian companies reaped the benefits. Two weeks ago the group said it would spend $24 billion over the next eight years on emissions-reduction projects, but is looking for more financial help from Ottawa before kicking that into gear.
The current tax credit — mostly to cover half the price of capital investments — will cost Ottawa about $2.6 billion over the next five years and $1.5 billion annually for four years after that. Guilbeault said Friday he did not know what the plan is for the tax credit, though he acknowledged the U.S. incentive changed the domestic picture.