Toronto, Canada – French oil company Total has written down $7 billion in tar sands assets and plans to withdraw from Canada’s biggest oil lobby group, the Canadian Association of Petroleum Producers (CAPP).
In response, Greenpeace Canada Senior Energy Strategist Keith Stewart, said:
“Total’s decision to write down their tar sands assets and quit Canada’s biggest oil lobby group for its opposition to action on climate change underscores the urgency of ensuring that covid-19 stimulus plans grow a green economy and transition workers securely into it. As the world transitions away from fossil fuels, starting with the most polluting sources, the tar sands are hemorrhaging investors. It’s time we heard more from the federal Liberals on their progress toward the green stimulus plans they promised Canadians early on in the pandemic.”
This is the second big announcement this week regarding major corporations withdrawing support from the Alberta tar sands. On Monday, Deutsche Bank announced that it won’t financially back any new tar sands projects. CAPP has been increasingly at odds with global oil majors, who are talking about decarbonization. The lobby group, which logged a whopping 117 communications with federal ministers and officials since the pandemic began, has been lobbying hard for a full stop on new climate policies and against climate-related conditions attached to federal pandemic support.
Greenpeace is campaigning for a green and just economic recovery from covid-19, calling on the Liberals to kickstart broad social transformation, including making life better with a clean energy transition and social infrastructure that greens our economy, such as free, electric public transit, affordable, energy-efficient housing and additional policy measures.
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For more information, please contact:
Jesse Firempong, Communications Officer, Greenpeace Canada
+1 778-996-6549, [email protected]