Oil Sands Carbon Cuts Come With $60 Billion Bill, Loose Ends

It will cost about C$75 billion ($60 billion) to zero out greenhouse gases from oil sands operations by 2050, with a good deal of the costs borne by taxpayers and many loose ends yet to be tied up, according to two of the Canadian industry’s top CEOs.

To achieve the goal announced last month, about half of the emission cuts would need to come from capturing carbon at oil sands sites and sequestering it deep underground, which may require as much as two-thirds government capital like in Norway, Mark Little, chief executive office of Suncor Energy Inc., said in an interview. It’s still unclear how and when most of the projects will be implemented, or which agreements will be needed, but it’s clear the industry doesn’t want to do it alone.