Canada’s oil and gas sector already enjoys a world-leading record on Environmental, Social and Governance (ESG) metrics. And just a few days ago, the industry announced another innovative initiative that will continue to cement Canada’s position as a global energy supplier of choice for environmental and climate conscious consumers.
The Oil Sands Pathways to Net-Zero by 2050 initiative is another example of Canada’s world-class leadership on climate action. Consisting roughly 90 per cent of oil sands production, the new alliance is just one of many actions taken by Canadian oil and gas producers over the years to reduce their greenhouse gas (GHG) emissions and overall environmental footprints. It has been said that since the Kyoto Protocol emissions intensity in Canadian production has been reduced by almost 40%!
Here are several other examples of Canada’s climate action leadership that all Canadians should be proud of.
Canada’s Climate Leadership: 10 Facts
#1 – Canada’s oil and gas industry ranks number one for ESG practices among nations with the largest oil reserves (BMO)
#2 – Of the world’s top 20 oil producers, the oil and gas sector ranks 2nd on social progress and governance, and 4th on the environment (BMO)
#3 – From 2000-2018, the emissions intensities of Canada’s oil sands operations dropped by 36 per cent (NRC)
#4 – By 2030, oil sands emissions intensities per barrel produced are projected to drop by another 16 to 23 per cent (IHS Markit)
#5 – Alberta is one of the few global oil jurisdictions with mandatory disclosures, regulated emissions protocols and carbon taxes on excess GHGs. Alberta accounts for ~80 per cent of Canada’s oil production (BMO)
#6 – Canada was responsible for just 0.67 per cent of the 150 billion cubic metres of gas flared by oil companies around the world in 2019 (Global Gas Flaring Tracker Report: July 2020)
#7 – Gas flaring in Alberta has decreased by 57 per cent since 2000 despite huge growth in oil and gas production, making Canada one of the lowest gas flaring oil jurisdictions around the world (BMO)
#8 – If the world followed flaring standards like Canada, total GHG emissions from every barrel produced would drop by 23 per cent (U of C, U of A, Stanford)
#9 – Only 10.5 per cent of global oil production is subject to carbon pricing, with Canada accounting for about 40 per cent of that global production (NBF, World Bank, EIA)
#10 – Canada’s oil sands industry has spent more than $9.3 billion on research and development since 2009 – considerably higher than other major global oil producers on a per barrel basis (BMO)
Canada Should Be a Supplier of Choice
Canada’s proven track record on ESG performance means one thing: that we should be a global supplier of choice for meeting oil and gas demand.