Natural Resources Canada
98/11
March 5, 1998

GOODALE APPLAUDS EMISSIONS TRADING INITIATIVE BY SUNCOR

Ralph Goodale, Minister of Natural Resources Canada, extended congratulations today to Suncor Energy and its U.S. partner, Niagara Mohawk, upon the announcement of their intention to enter into an emissions trading contract.

Suncor Energy is a Canadian integrated energy company that operates in Western Canada and Ontario.

"This agreement is an example of how Canadian industry can help reduce greenhouse gas (GHG) emissions as we all work towards the targets agreed to at the Kyoto climate change conference. Each step will contribute to our goal," said Minister Goodale. "Suncor's progressive approach will ensure that it is well-positioned to take advantage of opportunities emerging in the global marketplace."

Emissions trading is potentially a new cost effective way for companies to meet environmental objectives, and Suncor is among a growing number of proactive Canadian firms which are entering into preliminary contractual agreements to trade greenhouse gas emissions. Although emissions trading is not yet recognized in international agreements, it is a mechanism that is being explored as a way to encourage companies to reduce their emissions.

In December, Ontario Hydro announced a similar agreement with Southern California Edison to purchase 10,000 tons of carbon dioxide emissions reduction credits. Hydro is also involved in a project exploring the potential implications of emissions trading as a tool to meet environmental goals.

For more information contact:
John Embury
Press Secretary
Natural Resources Canada
(613) 996-2007