Canadian oil companies urged to invest excess cash in clean innovation for growth

Opinion: Canadian oil firms should put excess cash to use by investing in clean innovation

In the quest for decarbonizing the production and use of Canadian oil, the oil sands industry faces a crucial crossroads. With the pressure mounting to reduce emissions and prioritize sustainability, the time is ripe for a transformation.

**Prioritizing Innovation Over Shareholder Returns**

The focus on shareholder returns has hindered the adoption of new technology in the oil sands industry, despite the potential for groundbreaking innovations. While returning billions to shareholders may seem like a safe bet in the short term, the lack of innovation could be detrimental in the long run.

**Embracing Canadian Innovation**

The oil sands industry has a rich history of ingenuity and resilience, dating back to its inception in the 1960s. Now, as the industry strives to reach net zero emissions, it must once again tap into that spirit of innovation. Collaborating with clean technology companies and leveraging deployment-ready technologies can pave the way for a more sustainable future.

As Akshay Dubey rightly points out, the time is now for the oil sands industry to demonstrate its commitment to net zero targets through tangible action. By embracing Canadian innovation and prioritizing the implementation of clean technologies, the industry can not only reduce emissions but also drive positive economic value.

In a world where environmental sustainability is non-negotiable, the oil sands industry has the opportunity to reclaim its status as a point of pride for Canadians. It’s time to go back to the roots of innovation, embrace change, and lead the way towards a greener future.



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