Canada is doing great but should take measures to continue its reputation as a preferred oil and gas supplier on the global market, says the International Energy Agency..IEA Executive Director Fatih Birol is a big advocate for net zero targets, but still recognizes the reliance on oil and gas that will persist into the future..He said he prefers oil supply to come from “good partners” like Canada, he told a press conference..“Canada has been a cornerstone of global energy markets, a reliable partner for years,” said Birol..“We will still need oil and gas for years to come… I prefer oil is produced by countries … like Canada (that) want to reduce the emissions of oil and gas.” .The same IEA report included recommendations for Canada to incentivise moves away from oil production, yet the director still recognizes Canada’s contribution to the global market..World oil consumption returned to pre-pandemic levels and natural gas demand surpassed levels pre-COVID-19 last year, according to IEA data..Yet Canada only supplies 6% of the current world market..Consumption of both oil and gas is expected to continue rising even as more renewable energy sources come online. .A Russian-caused natural gas crisis in Europe has many looking to Canada as a great alternative..“The world needs reliable partners,” said Birol, of the European situation. .Canada is the fourth-largest producer of oil and natural gas in the world and home to the third-largest oil reserves..“This creates employment for Canadians and secure and reliable oil and gas for both domestic and global markets,” the IEA said. .The IEA recommends that remaining competitive in global oil and gas markets requires further emission reductions, to ensure the sector remains a major driver of the Canadian economy beyond 2050..Emission reduction has already been steadily implemented in Canada, analysts praised the oil and gas industry’s “strong track record” of reducing emissions intensity..The oilsands by have decreased emissions by 32% since 1990 and further reductions of up to 27% are expected by 2030. .Canadian oil and gas companies spend an average of $1 billion per year on clean energy technology, in addition to billions in environmental protection. .In 2018, oil and gas companies also invested $3.6 billion in environmental protection initiatives, recognized by the IEA as the largest environmental protection spend of any industry in the country. .“Canadian oil and natural gas producers are leveraging their improving environmental, social and governance performance and Canada’s stringent environmental regulations to build a global competitive advantage.”.Ewa Sudyk is a reporter with the Western Standard.,.esudyk@westernstandardonline.com
Canada is doing great but should take measures to continue its reputation as a preferred oil and gas supplier on the global market, says the International Energy Agency..IEA Executive Director Fatih Birol is a big advocate for net zero targets, but still recognizes the reliance on oil and gas that will persist into the future..He said he prefers oil supply to come from “good partners” like Canada, he told a press conference..“Canada has been a cornerstone of global energy markets, a reliable partner for years,” said Birol..“We will still need oil and gas for years to come… I prefer oil is produced by countries … like Canada (that) want to reduce the emissions of oil and gas.” .The same IEA report included recommendations for Canada to incentivise moves away from oil production, yet the director still recognizes Canada’s contribution to the global market..World oil consumption returned to pre-pandemic levels and natural gas demand surpassed levels pre-COVID-19 last year, according to IEA data..Yet Canada only supplies 6% of the current world market..Consumption of both oil and gas is expected to continue rising even as more renewable energy sources come online. .A Russian-caused natural gas crisis in Europe has many looking to Canada as a great alternative..“The world needs reliable partners,” said Birol, of the European situation. .Canada is the fourth-largest producer of oil and natural gas in the world and home to the third-largest oil reserves..“This creates employment for Canadians and secure and reliable oil and gas for both domestic and global markets,” the IEA said. .The IEA recommends that remaining competitive in global oil and gas markets requires further emission reductions, to ensure the sector remains a major driver of the Canadian economy beyond 2050..Emission reduction has already been steadily implemented in Canada, analysts praised the oil and gas industry’s “strong track record” of reducing emissions intensity..The oilsands by have decreased emissions by 32% since 1990 and further reductions of up to 27% are expected by 2030. .Canadian oil and gas companies spend an average of $1 billion per year on clean energy technology, in addition to billions in environmental protection. .In 2018, oil and gas companies also invested $3.6 billion in environmental protection initiatives, recognized by the IEA as the largest environmental protection spend of any industry in the country. .“Canadian oil and natural gas producers are leveraging their improving environmental, social and governance performance and Canada’s stringent environmental regulations to build a global competitive advantage.”.Ewa Sudyk is a reporter with the Western Standard.,.esudyk@westernstandardonline.com
