The Albertan Oil Sands represent the second-largest crude oil reserve in the world. Although there are economic and energy security benefits of utilizing this resource, there are also environmental implications. One of the most important and publicized concerns is tailings ponds. As part of a strategy to enhance the responsible and more sustainable development of the oil sands, the remediation of tailings ponds must be addressed. The recent development of Directive 074 by the Energy Resources Conservation Board (ERCB), could be recognized as step in support of a more sustainable approach: requiring the remediation of tailings ponds within aggressive timelines. A review of three major oil sands companies, Suncor, Syncrude and Shell, who must adhere to the protocol, provide further understanding of the efficacy of the Directive in action, especially outlining the challenges of current remediation technology. The remediation of the tailings ponds, and the betterment of more responsible and sustainable energy development of the oil sands, requires the advancement of technology. The integration of both industry and government is required to encourage innovation as well as research and development in the formation of both successful tailings pond remediation technologies and plans for more sustainable, and ultimately competitive oil sands development.