Canadian oil and gas companies must do more to reduce their emissions, minister says

Oil and gas companies must do more to reduce their emissions as the world prepares to drastically reduce its consumption of fossil fuels, Canada’s Natural Resources Minister says.

Indeed, the International Energy Agency’s June oil forecast says that peak oil demand is in sight, with the fuel’s use for transport likely to drop after 2026. However, the IEA noted, overall consumption will be supported by strong petrochemicals demand. “This is not an industry that’s winding down. It’s an industry that’s transitioning away from emissions,” she said.

The head of the world’s largest oil producer said there are many shortcomings in the approach the world is taking in the energy transition, including targets that are removed from the needs of energy markets and the realities of the supply-demand balance. Pathways president Kendall Dilling doesn’t disagree that large-scale investments are wanting, but he told The Globe on Monday that the group is doing “everything we humanly can to keep this project on track for 2030.”

Ottawa and Alberta agree that Canadian fossil fuel production should be net zero by 2050. They also agree that technologies such as carbon capture will be key to getting there, and that the two levels of government need to work together.

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