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Mixed reaction in Canada to global energy agency report that says new coal, oil and gas projects must stop
Environmentalists say a report from the International Energy Agency that concludes investment in new fossil fuel sources must end if the world is to meet its climate goals has a strong message for Canada, but industry and government say the goal is too ambitious.
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The Canadian Press ·
Posted: May 18, 2021 6:34 PM MT | Last Updated: May 19
Pumpjacks are shown pumping crude oil near Halkirk, Alta., on June 20, 2007. An International Energy Agency report released Tuesday concludes investment in new fossil fuel sources must end if the world is to meet its climate goals.(Larry MacDougal/The Canadian Press)
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A new report by the International Energy Agency warns that the energy sector will need to shelve investments in new oil, natural gas and coal projects if the world is to reach net zero carbon emissions target by 2050 a recommendation that could lead to a path that would have significant consequences for Canada’s fossil fuels industry.
Reaching net zero by 2050 while achieving net economic growth is plausible, according to the IEA report released Tuesday, but would require drastic immediate changes, and will require immediate and massive deployment of all available clean and efficient energy technologies.
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Canada’s oil and gas industry recovery will take two years, analysts say
Oil pumpjack, Alberta. Stock image.
Oil prices may have recovered to pre-pandemic levels, but for Canada’s oil and gas industry, recovering from what was arguably the worst year in its history is going to take a couple of years, analysts say.
The International Energy Agency (IEA) estimates global demand for petroleum products won’t be back to pre-pandemic levels until 2023 and may never return to “normal.”
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By then, Alberta oil producers should have a new outlet for their product through Vancouver and the Trans Mountain pipeline expansion, which has a scheduled in-service date of December 2022. Two or three years later, the LNG Canada plant in Kitimat is expected to begin shipping its first liquefied natural gas (LNG) exports.