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British billionaire Richard Branson chatted Friday with some Canadian oil executives about how they can reduce the carbon footprint of their operations, many of which have been slapped with the "dirty oil" label.
Branson said he was up to speed about the environmental issues surrounding the oilsands before his trip to Calgary, the heart of Canada's energy industry.
"It does produce more carbon than the normal oil extraction process, and therefore I think it's important for them to try to address the balance," he said.
One idea that came up was to use some of the leftover hot water from oilsands operations to grow a type of algae that can be converted into a low-carbon transportation fuel.
"I think if they were to invest a decent percentage of their profits into maybe producing clean fuels like algae, that would bring their carbon footprint down dramatically," Branson said.
Virgin has also offered a $25-million prize for anyone who comes up with a commercially viable way to remove greenhouse gases from the atmosphere in order to fight climate change.
Branson said he asked the oil executives Friday whether they would want to participate in that challenge.
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