'The world still needs fossil fuels:' Canada's oilpatch sees future for the industry despite 'death knell' warning

The advertisement is not yet loaded, but you can continue reading the article below. Share this Story: "The world still needs fossil fuels": Canada's oilpatch sees a future for the industry, despite the 'death knell warning 'The world still requires fossil fuels.' Canada's oilpatch sees a future for the industry despite the 'death knell" warning. It is impossible for Canada and the rest of the world to'make a 180-degree pivot overnight,' says the industry. Photo by Reuters/Todd Korol/File photo Article content CALGARY Despite Monday's United Nations call for an end to fossil fuel use worldwide, the Canadian oil and gas industry is optimistic about its future. Continue the Advertisement Story below. Your article is below, but this advertisement is not yet loaded. Article content Monday's new report by the U.N. Intergovernmental Panel on Climate Change (IPCC), warned that global temperatures would rise by 1.5 degrees Celsius in the next 20 years. It also attributed much of the blame on human activity on climate change, pointing out that burning coal, oil, and natural gas is the primary cause. Tap here to view other videos by our team. Refresh your browser or try again. This report should be a wake-up call for fossil fuels and coal before they destroy the planet. Continue the Advertisement Story below. Your article is below, but this advertisement hasn't loaded yet. Article content The industry believes they can play a role in the future energy development. Tristan Goodman, president of The Explorers and Producers Association of Canada (an industry group representing mid-sized oil and natural gas companies), said that it will be a new mix of energy sources moving forward. Goodman stated that many of our companies are moving into the renewables market. It's not an either/or situation. He said that the oil and gas industry also participates in the energy transition, shifting towards more hydrogen production and carbon storage and storage investments. The world cannot transition to renewables overnight. Gurpreet Lail is the president and CEO of Petroleum Services Association of Canada. Goodman stated that all levels of government in Canada have committed to drastically reducing GHG emissions. There are ways for the industry to do that and that some of the policies in place will help to reduce emissions over the next few years. Continue the Advertisement Story below. Your article is below, but this advertisement is not yet loaded. Article content Gurpreet, the president and CEO of The Petroleum Services Association of Canada (which represents companies who do hands-on work in oilfield), stated that the oil and gas industry and the oilfield service sector are committed to moving toward a cleaner energy future. In an email statement, she stated that the Canadian oil and gas industry continues to embrace alternative forms of green energy and recognizes its importance. However, as we develop new energy sources, fossil fuels must be part of our mix because there is no viable replacement. Continue the Advertisement Story below. Your article is below, but this advertisement hasn't loaded yet. Article content. At the end, renewables cannot be achieved overnight. The world still requires fossil fuels. Lail stated that carbon capture is one of the ways the industry can reduce its greenhouse gas emissions. Despite this, environmental activists have called for an immediate shift away from oil and natural gas in advance of the 26th Conference of the Parties (COP26), which will be held in Glasgow, U.K., in November. According to Dale Marshall, Environmental Defence's national climate program manager, the IPCC report shows that Canada can not waste time or money on false solutions that are being promoted by oil and natural gas companies. He also stated that the IPCC report is overwhelming proof that oil and other gas companies are responsible for the current problem. Continue the Advertisement Story below. Your article is below, but this advertisement hasn't loaded yet. Article content. The IPCC report assigned 81 to 91 percent of human-caused CO2 emission to the burning coal, oil, and natural gas. The report states that in order to limit human-induced global warming below a certain level, it is necessary to reduce cumulative CO2 emissions and achieve net zero CO2 emissions. The report also notes that decreasing methane emissions (or CH4) would reduce the warming effect from falling aerosol pollution and improve air quality. However, the reductions in CO2 emissions must be balanced against a growing demand for energy. In an email statement, Tim McMillan (president and CEO of Canadian Association of Petroleum Producers) stated that the global demand for energy and the associated demand for oil and natural gas is increasing and will likely exceed pre-pandemic levels in two years. He also said that the demand for oil and natural gas will continue to rise for many decades. Continue the Advertisement Story below. Your article is below, but this advertisement hasn't loaded yet. Article content CAPP members Canadian Natural Resources Ltd. Suncor Energy Inc. Cenovus Energy Inc., Imperial Oil Ltd. and Suncor Energy Inc. have committed to being net-zero by 2050 in accordance with the country's climate goals. McMillan stated that Canada's industry has shown it is committed to helping Canada achieve its emissions reduction goals. He also noted that Canada's leading role in clean technology investments in Canada has proven that Canada's industry can supply affordable, reliable, and cleaner energy to a growing world population. With a file from Bloomberg Email: gmorgan@nationalpost.com | Twitter: geoffreymorgan This article can be shared in your social networks Continue the Advertisement Story below. Your article is below, but this advertisement hasn't loaded yet. The Logic: In-depth reporting from The Logic on the innovation economy, presented in partnership by the Financial Post. Financial Post Top Stories Subscribe to the Financial Post to receive the Daily Top Stories from Postmedia Network Inc. Sign up by clicking the sign up button. 365 Bloor Street East, Toronto, Ontario, M4W 3L4 We are sending you a welcome email. If you do not see the email, please check your junk mail folder. Financial Post Top Stories' next issue will be arriving in your inbox soon. We had an error signing you up. Please try again

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