Canada’s position as the world’s fourth-largest producer and exporter of oil has been in the limelight for several years now, but all for the wrong reasons.
Anti-Canadian oil and gas activists ignore Canada’s world-class record on Environmental, Social and Governance (ESG) indexes by engaging in unbalanced, and sometimes misleading conversations that don’t give our sector the recognition it deserves.
Canada’s record on sustainable oil production should therefore be in the limelight for all the right reasons. With growing global demand projected several years into the future, here are several examples of why Canada should be a global supplier of oil and gas for years to come.
Canada’s Oil & Gas Sector is World-Class
#1 – Canadian oil and gas has generated $500 billion in government revenues since 2000 (Canadian Energy Centre)
#2 – Newfoundland and Labrador’s offshore industry produces one of the least carbon-intensive oil barrels globally, with an average of less than 19 kilograms (kg) of carbon dioxide (CO2) equivalent (NOIA)
#3 – Of the world’s top 10 oil exporters, Canada ranks first on several ESG indexes such as the Green Future Index, Sustainable Development Index and Environmental Performance Index (Canada Action)
#4 – Canada’s oil sands sector continues to lead the country in the development and deployment of clean technology, with collective research and development (R&D) totalling a record $1.6 billion in 2019, a substantial increase versus $1.2 billion the year before (BMO)
#5 – Global demand for all sources of energy continues to increase, and we can support responsibly produced oil and gas while also continuing to invest in renewables (Canada Action)
#6 – Canada is already a leader in reducing emissions, clean technology, carbon capture, and renewables, and we should be a preferred global supplier of energy (Canada Action)
#7 – Oil sands emissions intensity has decreased by 44% since 1995 (BMO)
#8 – Canada imports tens of billions of dollars of foreign oil every year, some of which comes from regimes in the Middle East and elsewhere with weaker protections for human rights and the environment.
#9 – Canada is a global leader of carbon capture utilization and storage (CCUS) and is one of the few countries with enough storage capacity to achieve net zero using CCUS and other reduction methods by 2050 (BMO)
#10 – Canada’s largest oil sands producers have made an unprecedented commitment to achieve net zero greenhouse (GHG) gas emissions by 2050 (Newswire)
#11 – A majority of Indigenous Peoples in Canada support natural resource development, according to a recent poll (Indigenous Resource Network)
#12 – Canada’s Oil Sands Innovation Alliance (COSIA) has an extensive list of over 100 research projects aimed at improving the environmental footprint of oil and gas producers who account for more than 90% of oil sands production (COSIA)
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Domestically, Canada needs an all-inclusive energy strategy that supports families working in a variety of energy sectors for our local economy and to meet rising global demand.
The truth is that the world will need to use oil, natural gas, nuclear, renewables and hydro for many years yet. We’d be silly if we didn’t fight to position ourselves as a global supplier of choice for all of the above given our exemplary performance on ESG metrics and the benefits those actions would bring to Canadian families across the country.
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