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A new public opinion poll conducted by Research Co. on behalf of Canada Action has found that more than four-in-five Canadians polled (81 percent) agree that global markets should prioritize jurisdictions like Canada that are leaders in climate action and environmental protection.
This may surprise some as confusing and contradictory information has made it challenging at times to find reliable indicators as to where Canadians stand on this important issue. Nevertheless, the proof is in the numbers; a majority of Canadians support their vital oil and gas sector.
On environmental, social and governance (ESG) metrics, Canada’s oil and gas industry is a leader among the world’s top 20 producers. Canadians from coast to coast to coast are coming to the realization they can be proud of that fact. And yet it’s evident Canadians feel communications on this front could be improved, as more than three in five Canadians (63 percent) agree Canada’s oil and gas sector is portrayed unfairly.
The recent poll also found that almost four in five Canadians (79 percent) agree that exporting responsible and reliable Canadian energy, expertise, and technology to reduce global greenhouse gas (GHG) emissions is a critical role Canada can play in addressing climate action. This strong response shows how Canadians acknowledge the world needs more Canada.
But aren’t renewables the future, you might ask? Canada, where one in six homes and businesses is powered by hydroelectricity, is already a leader in putting renewable energy to work. And more than three in four Canadians (77 percent) agree we need an all-inclusive approach to Canadian energy including solar, wind, hydro, oil, and gas. This conversation was never about EITHER oil and gas OR renewables. We need it all.
The world requires $525 billion of oil and gas investment per year to meet current demand, according to the 2021 Oil and Gas Industry Outlook published by Deloitte. Similarly, McKinsey’s global oil supply-and-demand outlook to 2040 shows a gap between oil supply and oil demand at 38 million barrels per day of new production by 2040. And the International Energy Agency (IEA) estimates the world will need between $12 and $17 trillion of additional investment in oil and gas by 2040 to avoid supply shortages.
It’s easy, therefore, to see that oil and natural gas be around for a very, very long time. While this long energy transition occurs, sourcing hydrocarbons from ESG leading jurisdictions is a clear step towards climate action and social progress. It makes sense to ensure the energy the world uses is obtained from the most responsible suppliers. Three in four Canadians polled (74 percent) agree Canada should be a choice supplier of oil and gas to global markets.
The Oil Sands Pathways to Net Zero alliance initiative is an excellent example of why Canada leads in ESG metrics. It was established to achieve net-zero greenhouse gas (GHG) emissions from oil sands operations by 2050 and collectively represents about 95 percent of Canada’s oil sands production. More than seven in ten Canadians (72 percent) agree that the actions of the Oil Sands Pathways to New Zero alliance initiative exemplify Canada’s commitment to climate action.
But this goes beyond Canadian energy. Canada’s natural resource sectors – from energy to mining to agriculture and beyond – show world-leading commitment to people, the planet, and prosperity, and that is something every Canadian can take pride in.
Transitioning to a lower emission economy is important. However, it will not happen overnight, and we must have a balanced conversation to ensure that Canadians families can contribute to the world’s growing energy needs while supporting local prosperity.
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Survey Finds Canadian Women Want More Balanced Energy Policy