Recent statements by the CEO of a major oilsands company further the case for federal regulations to cap greenhouse-gas emissions in the oil and gas sector, Environment Minister Steven Guilbeault said.
In an interview with The Canadian Press, Guilbeault called the Aug. 15 comments by Suncor CEO Rich Kruger “disappointing,” particularly in the middle of a summer when “tens of thousands of Canadians” were forced to flee wildfires and global temperatures hit record highs in July.
“To see the leader of a great Canadian company say that he is basically disengaging from climate change and sustainability, that he’s going to focus on short-term profit, it’s all the wrong answers,” Guilbeault said.
“If I was convinced before that we needed to do regulation, I am even more convinced now.”
This fall, Guilbeault intends to publish draft regulations to cap emissions from oil and gas production and then force them downward over time. Oil and gas contributed 28 per cent of Canada’s total emissions in 2021, and the oilsands alone account for 13 per cent.
Suncor contributed 17.4 million tonnes, or 2.5 per cent of the national total. Suncor’s emissions in 2021 were 50 per cent higher than they were in 2011. Canada’s total emissions have fallen six per cent compared with 10 years ago.
Guilbeault hasn’t yet said exactly what the first cap will be, but the Emissions Reduction Plan published in 2022 included a cut of more than 40 per cent to oil and gas emissions by 2030.
Kruger, who only took over as Suncor CEO in April, told investors during Suncor’s second-quarter results conference call that the company had a “disproportionate” focus on the longer-term energy transition to low-emitting and renewable fuels.
“Where we stand is we judge that our current strategic framework … is insufficient in terms of what it takes to win,” he said, according to a transcript of the call posted on the company’s website.
That included, he said, a “lack of emphasis on today’s business drivers.”
“Today, we win by creating value through our large integrated asset base underpinned by oilsands,” he said.
He promised a “revised direction and tone” focused more on the immediate financial opportunities in the oilsands.
Rich Kruger, chief executive of Suncor Energy, said earlier this month that he sees the company succeeding by creating value through its “large integrated asset base underpinned by oilsands.” (Kyle Bakx/CBC)
In that same call, Suncor reported second-quarter earnings of $1.9 billion, down from $4 billion in the second quarter of 2022, when oil prices soared following Russia’s invasion in Ukraine.
Kruger said the company remained committed to the Pathways Alliance, a consortium of six oilsands companies working together to install carbon-capture technology and reach net-zero emissions by 2050.
Net-zero is the term used to describe a situation where any remaining greenhouse-gas emissions produced are captured by technology or nature. Carbon capture is an emerging technology that traps emissions and funnels them back underground.
Pathways executives have long said that they want to contribute to Canada’s climate targets, but that the federal timeline for cutting their emissions was unrealistic.
Both Suncor and Pathways have been approached for comment for this story.
Kruger’s comments come almost a year after his company announced it would sell off its wind and solar power assets, ending its two-decade long foray into the renewable energy business. Earlier this year, Suncor expanded its oilsands operations when it bought the Fort Hills oilsands mine from Teck Resources and TotalEnergies.
Guilbeault said the federal government isn’t asking the oil and gas sector to do more than its fair share, and is not singling it out. He noted zero-emission vehicle regulations being finalized now require one in five new vehicles sold to be electric by 2026, and bar the sale of new combustion engine cars and trucks in 2035.
Draft regulations to eliminate emissions from Canada’s electricity sector were published earlier in August and are still in the comment period.
The oil and gas cap regulations were expected already, but Guilbeault acknowledged they have been delayed.
“It is a complex piece of regulation,” he said.
But the minister said they are coming, and industry has to do its part.
“I don’t think in 2023 you can be a good corporate citizen and not play your role,” he said.
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
