April 4, 2018
The world’s thirst for energy is on the rise and Canada has an opportunity to meet the growing global demand for energy in an environmentally and socially responsible manner, but only with effective regulatory policies and increased market access, says the President and CEO of the Canadian Association of Petroleum Producers (CAPP), Tim McMillan.
“A healthy oil and natural gas sector creates jobs and prosperity for Canadians, but the positive impact of our energy industry on the global stage could, and should be, broader,” says McMillan. “It’s time to be realistic about Canada’s future. We have an opportunity to be a global supplier but we are limiting our opportunity to meet global demand with policies that constrict future growth.”
According to CAPP’s second in a series of economic reports, Canada’s Role in the World’s Future Energy Mix, the International Energy Agency’s World Energy Outlook 2017 anticipates the demand for all forms of energy – oil and natural gas as well as renewables and nuclear – will continue to increase as the global population grows to 9.2 billion by 2040.
Emerging economies and urbanization in countries such as India, China and throughout Southeast Asia, along with rising gross domestic product, will increase total energy demand by 30 per cent from today.
Although the world’s energy mix is changing, oil will continue to grow and be the predominant energy source to 2040, while natural gas production grows to become the world’s second-largest energy source overall, both essential to the development of emerging economies.
Canada has an opportunity to become the world’s energy supplier of choice, says McMillan, serving global markets with responsibly produced energy that displace production from countries with poorer environmental performance.
But this can only be achieved if Canada’s oil and natural gas industry remains competitive – attracting investment, spurring innovation, and gaining access to global markets to leverage our leadership position in environmental stewardship and responsible energy production.
CAPP wants the federal government to help define Canada’s vision for the future of oil and natural gas to meet the world’s growing energy needs. This vision includes:
Canada’s Role in the World’s Future Energy Mix can be downloaded at www.capp.ca/economicseries