1. Objective This paper establishes an integrated thermodynamic-macroeconometric risk framework coupling Steam-Assisted Gravity Drainage (SAGD) energy efficiency metrics with stochastic commodity and carbon pricing dynamics to evaluate heavy bitumen lifting costs under ESG regulatory regimes. 2. Methodology & Execution Cointegration & VECM Dynamics: Conducted Johansen Cointegration testing and estimated a Vector Error Correction Model (VECM) to model short-term shocks and long-run equilibrium between Natural Gas ($/MMBtu) and EU ETS Carbon Allowances ($/ton $\text{CO}_2$). Thermodynamic Heat Balance: Linked Cumulative Steam-Oil Ratio (CSOR = 2.8) to combustion fuel requirements (0.40 MMBtu/bbl steam) and physical carbon emission intensity ($0.053\text{ metric tons CO}_2/\text{MMBtu}$). ESG Risk-Surface Simulation: Integrated stochastic VECM price paths into dynamic lifting cost equations to map combined fuel and carbon tax exposures. 3. Key Findings & Impact Cointegrated Market Equilibrium: Confirmed long-run cointegration between natural gas and carbon tax markets ($\text{Trace Stat} = 120.09$ vs critical value $15.49$), estimating speed of adjustment parameters ($\alpha_{\text{gas}} = -0.8258$, $\alpha_{\text{carbon}} = 1.3649$). Thermal Lifting Cost Breakdown: Determined an average thermal lifting cost of $\$5.49/\text{bbl}$ of bitumen at $\text{SOR} = 2.8$ ($1.12\text{ MMBtu}$ fuel energy and $0.0594\text{ tons CO}_2$ footprint per barrel). ESG Sensitivity Mapping: Quantified the high sensitivity of heavy oil cash flows to joint natural gas volatility and carbon compliance burdens, providing an empirical basis for ESG risk hedging.