Statement by Julia Levin, Associate Director, National Climate

Ottawa | Traditional, unceded territory of the Algonquin Anishinaabeg People – The largest oil and gas companies operating in Canada continue to post eye-popping profits. Just four companies – Suncor, CNRL, Cenovus and Imperial – made a combined total revenue of over $95 billion in the first half of the year. After shareholders and CEOs were paid, their combined total profits were a staggering $10.4 billion. These enormous profits fuel the affordability crisis, yet these companies keep asking governments for larger and larger handouts. Furthermore, these companies keep investing in more and more oil and gas production, even though they know their products are the primary cause of the climate crisis that has already impacted so many Canadians through wildfires, droughts and storms. Governments around the world have implemented windfall taxes on oil and gas profits; the Government of Canada should do the same.

Backgrounder information

• Of every dollar of inflation in recent years in Canada, 25 cents have gone to oil, gas, and mining extraction profits.
• The oil and gas sector is Canada’s largest and fastest-growing source of greenhouse gas emissions, contributing nearly one-third of Canada’s total emissions.
• Running List of Federal Fossil Fuel Subsidies in Canada in 2024, compiled by Environmental Defence

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For more information or to request an interview, please contact:

Midhat Moini, Environmental Defence, media@environmentaldefence.ca