The federal government has released the details of its planned recovery package for the Canadian oil and gas sector, which includes $1.7 billion in funding for orphan and inactive well clean-up and a $750 million emissions reduction fund that will provide corporate loans to assist companies with methane emissions reduction efforts. Kevin Thomas, Chief Executive Officer of the Shareholder Association for Research and Education (SHARE) made the following statement in response to the announcement:
“SHARE is encouraged by these announcements, which will hopefully both provide much-needed support for workers and communities that are most affected during these difficult times, and allow the oil and gas sector to accelerate efforts to transition to a low-carbon economy.
“Responsible investors aren’t showing much interest in a return to an unsustainable status quo. We’re looking for opportunities in a sustainable energy sector that creates lasting benefits for workers, communities, customers, and therefore shareholders.”
“SHARE believes that federal assistance to clean up environmental liabilities and remove them from balance sheets is an effective use of funding: one that’s good for companies, and one with the potential to create new employment opportunities for workers, and ease environmental burdens that too often fall to local communities,” he added. “Similarly, government assistance for investments in methane reduction, measurement and containment is a welcome step for investors, and one that will hopefully result in significant improvements to overall sector-wide greenhouse gas emissions and provide further opportunities for workers during these difficult times.”