Authors of newly released analysis conclude that since the most influential factor affecting the viability of the Canadian oil and gas sector is global demand, it will be impossible to avoid disruption to the industry
Various bodies, from energy giant BP to the International Energy Agency and the Canada Energy Regulator, have forecast a looming reduction in demand, though all emphasize the difficulties of energy predictions in an uncertain global climate and indicate fossil fuels will continue to play a role.
The province’s Energy and Minerals Minister, Brian Jean, countered on Tuesday that “every credible forecaster sees oil and gas continuing to play a key role in the global and North American energy mix for decades to come.” He added that thesector is already diversifying into green petrochemicals, hydrogen, carbon capture, small modular nuclear reactors and critical rare earth minerals.
The IISD’s report focuses on the economics of a green transition and its effect on workers and communities, rather than the environmental impacts, and also highlights the growing risk that taxpayers will foot the bill for stranded assets as the global market for oil and gas shrinks.
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