Issue
World demand for oil is projected to rise over the next several decades. With governments simultaneously shifting to clean energy sources, governments will be looking for environmentally sustainable oil sources to meet that demand.
Background
World demand for oil is projected to increase to 106.3 million barrels per day by 2040.17 Simultaneously, governments are shifting to clean energy resources. Alberta can meet increased demand as the world’s 3rd largest oil reserve while also offering the world’s cleanest and most ESG responsible barrel of oil. This is an unprecedented opportunity for Alberta to gain their market share and provide security of supply.
The oil sands industry is a leader in the ESG space and recognizes the need to reduce emissions even while energy demand grows.
Our Recommendations
1. Collaborate, support, and invest in the Oilsands Industry in their pathways to net zero by 2050;
2. Continue to promote the Oilsands Industry as a leader in Environmental Social Governance performance and innovation;
3. Reduce emission intensity per barrel by continuing support for carbon capture, utilization and storage programs; and,
4. Support companies through reducing regulatory barriers, implementing enabling policies and providing technology and innovation tax incentives to further support infrastructure investment and the development of new technologies on the pathway to net zero.
Topic
Year
2025
Contact
If you have any questions, contact Dana Severson at dseverson@abchamber.ca or (780) 425-4180 ext. 2.