The Alberta government-commissioned report — a copy of which was obtained by The Canadian Press — aims to assess the economic impact of the proposed cap.
Globally, oil demand is growing, with the International Energy Agency forecasting global oil demand to be 3.2 million barrels per day higher in 2030 than in 2023, though the agency also suggests growing supply will outstrip demand growth sometime this decade. The oil and gas industry itself has been promoting carbon capture and storage as the key to reducing emissions while still increasing production. The oilsands industry, which is responsible for the bulk of Canada's overall oil and gas sector emissions, has proposed spending $16.5-billion on a massive carbon capture and storage network for northern Alberta.
"It is important to note that once implemented, the investment in CCS is irreversible," the report states.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Emissions cap not possible without oil, gas production cuts: DeloitteCALGARY — Canadian oil and gas companies facing a federally imposed emissions cap will decide to cut their production rather than invest in too-expensive carbon capture and storage technology, a new report by Deloitte says.
Source: SooToday - 🏆 8. / 85 Read more »
Emissions cap not possible without oil, gas production cuts: DeloitteCanadian oil and gas companies facing a federally imposed emissions cap will decide to cut their production rather than invest in too-expensive carbon capture and storage technology, a new report by Deloitte says.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Emissions cap not possible without oil, gas production cuts: DeloitteCALGARY — Canadian oil and gas companies facing a federally imposed emissions cap will decide to cut their production rather than invest in too-expensive...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Emissions cap not possible without oil, gas production cuts: DeloitteCALGARY — Canadian oil and gas companies facing a federally imposed emissions cap will decide to cut their production rather than invest in too-expensive carbon capture and storage technology, a new report by Deloitte says.
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »
Report by Deloitte suggests emissions cap not possible without oil, gas production cutsThe oil and gas sector is Canada's heaviest-emitting industry, and rising oilsands production has meant total emissions from the sector are increasing.
Source: GlobalCalgary - 🏆 50. / 61 Read more »
Emissions cap not possible without oil, gas production cuts, Deloitte concludesCanadian oil and gas companies facing a federally imposed emissions cap will cut their production rather than invest in emissions-reducing carbon capture and storage technology, a new report by Deloitte says.
Source: CBCCalgary - 🏆 78. / 51 Read more »