Cenovus CEO Jon McKenzie told the Global Energy Show in Calgary that the proposed West Coast pipeline from Alberta to British Columbia no longer makes financial sense under Canada's current regulatory and carbon pricing framework. He specifically pointed to the federal industrial carbon pricing system as a key factor making Canadian oil uncompetitive globally. The comments are significant because Cenovus is one of Canada's largest oil producers and a major player in the Pathways Alliance, a group of oilsands companies that has pledged net-zero emissions by 2050. McKenzie's statement suggests that even with carbon capture investments, the economics of new pipeline infrastructure to tidewater may not work under existing policy. This directly ties emissions policy to project viability in the oil and gas sector.
