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With a global energy shortage currently underway in Europe and other parts of the world, the International Energy Agency (IEA) is now saying that the world is underinvesting in all forms of energy – including oil and gas.
If these patterns of underinvestment into the oil and gas sector continue, the world runs risk of experiencing a major energy crisis in the following years that is much worse than the one we are seeing today. The International Energy Forum, Boston Consulting Group, Wood Mackenzie and Rystad a just a few major players in the global energy business forewarning of another serious supply shock if near-term investment does not pick up in the oil and gas sector.
And we’re not talking pennies here. Moody’s investment group estimated that investment into the upstream oil and gas industry will have to increase by 54 per cent, up to $542 billion annually if we are to stave off another major energy crisis.
Meanwhile, the U.S. Energy Information Administration (EIA) estimates both global energy demand to increase by 50% and oil demand to continue growing through to 2050 if the world stays the way it is now.
It’s obvious that the world is going to need a lot more energy than it currently does now. So, a few questions remain: where will that energy come from – and in a world ever more focussed on environmental outcomes – will we choose the most sustainable suppliers for the job?
The World Needs More Canadian Energy
The energy crisis of today and forewarnings of more supply shortages to come are all indications of why we must look towards the most sustainable and responsible producers for our future energy needs.
Canada, with its world-class performance on Environmental, Social and Governance (ESG) indexes, should be one of those suppliers. Of the world’s top energy producers, we rank extremely well on the following indexes:
- Green Future Index 2021
- Corruptions Perception Index 2020
- Democracy Index 2020
- Environmental Performance Index 2020
- Global Peace Index 2020
- Global Press Freedom Index 2020
- Rule of Law Index 2020
- Social Progress Index 2020
- Sustainable Development Index 2020
- Women, Peace, Security Index 2019/20
We are the fourth-largest producer of oil and gas, sixth-largest of electricity and seventh-largest renewable energy producer. We are also the third-largest exporter of electricity globally. Every year, we export about 8% of our power generation which displaces higher GHG-intensive forms of electricity in the U.S. and prevents millions of tonnes of CO2 from being emitted each year.
Now that’s responsible. And we have the opportunity to do more.
With our vast wealth of natural resources, we could provide the world with even more responsibly produced Canadian energy in the years to come. We just need to let ourselves do it, recognizing the fact that as long as the world needs energy, it should come from the most sustainable suppliers around. That means Canada.
Do You Support Canadian Energy? Join Us!
Supporting Canadian energy means supporting the hundreds of thousands of workers in Canada who rely on the sector to put food on the table for their families.
Supporting Canadian energy means more schools, hospitals and roads, and the jobs that come with.
Supporting Canadian energy means a cleaner global environment because of our world-class ESG performance.
If you support Canadian energy, we would love for you to join us and hundreds of thousands of other Canadians on Twitter, Instagram and Facebook today! We hope to see you there!
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