ATCO chief executive officer Nancy Southern said Wednesday that Canada's oil and gas sector is 'extraordinarily innovative' and well-positioned to weather an increased carbon price. Speaking at the company's annual meeting in Calgary, Southern emphasized the industry's ability to adapt through technological advancements and efficiency improvements.
Industry Resilience
Southern noted that the sector has already made significant strides in reducing emissions and improving operational efficiency. 'We have seen remarkable innovation in our industry, from carbon capture and storage to more efficient extraction methods,' she said. 'This positions us to handle the challenges of a higher carbon price.'
Carbon Pricing Impact
The federal government is expected to announce an increase in the carbon price, which has been a contentious issue in Alberta. Southern acknowledged the additional costs but expressed confidence in the sector's ability to manage them. 'Our companies are used to adapting to changing regulations and market conditions,' she said. 'A higher carbon price is just another challenge we can overcome.'
ATCO, a diversified global corporation with interests in utilities, energy infrastructure, and logistics, has been investing in renewable energy and low-carbon technologies. Southern highlighted these investments as part of the company's strategy to thrive in a carbon-constrained world.
Broader Economic Context
Southern's comments come amid ongoing debates about the future of Canada's oil and gas industry, which faces pressure from environmental groups and investors to transition to cleaner energy. However, she argued that the sector remains vital to the Canadian economy and can continue to be competitive while reducing its environmental footprint.
'The oil and gas industry is not going away,' Southern said. 'It is evolving, and we are leading that evolution.'
