What will 2021 hold for the energy industry? By Andrew Bradshaw, Fifth Ring Published: 12:42, 20 January 2021
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Trillions of dollars of oil exploration is still on the cards, according to Andrew Bradshaw.
If the last 12 months have taught us anything, it is that the only certainty is uncertainty.
That lesson has impacted every aspect of our daily lives recently and it will likely extend into our short-term future at least. Because the characteristics of the energy industry are so closely linked to our social behaviour, any changes in our lifestyle patterns can directly impact the direction the industry takes.
A Biden presidency opens the door to greater co-operation despite many bilateral challenges Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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Justin Tang/The Canadian Press
Prime Minister Justin Trudeau and his top advisers are optimistic that relations with the more like-minded Biden administration will be effortless enough to collaborate on matters such as fighting climate change, building a new green economy and pushing for a North America First policy. No one is under the illusion, however, that a newly Democratic White House will spare Canada from trouble when it comes to energy pipelines, trade disputes or protectionist policies.
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Fatih Birol, director of the International Energy Agency, recently presented the organization’s key priorities and special projects for 2021. Unsurprisingly, energy transition dominated the IEA’s agenda, especially as the agency steps into a more prominent role amid the highly anticipated United Nations Climate Change Conference, also known COP26 at the end of the year.
And two declarations definitely made a splash for the oil and gas industry:
Oil and gas companies will be a part of the climate solution
The director of the leading energy organization worldwide unapologetically acknowledged that oil and natural gas companies would play a key role in contributing to tangible solutions to address the challenge of climate change, stating: