Following Ottawa’s announcement of the Canadian Net-Zero Emissions Accountability Act, the Canadian Association of Petroleum Producers (CAPP) pledged support, but underlined the considerable challenges that the industry will be facing.
“The Canadian Association of Petroleum Producers is committed to working with the Canadian government to meet emissions reduction objectives, which includes the ambition to achieve net-zero by 2050. This is a 30-year challenge that will have significant impact on all Canadians and require collaboration across industries and all levels of government,” says Tim McMillan, CAPP president & CEO. “Any pathway to net-zero includes the efficient use of oil and natural gas. Considerable investment in technology and innovation at scale will be needed, including negative emissions technologies such as carbon capture, use, and storage. There are important opportunities for industry to contribute given our expertise in these areas.”
McMillan went on to say that Canadians are concerned about keeping their jobs, staying healthy, and recovering from the devastating economic impacts of the pandemic.
“Oil and natural gas is one of Canada’s largest industries, Canada’s largest export product and a major source of investment and tax revenue. We can play a key role in supporting good jobs and generating economic growth to benefit all Canadians,” added McMillan. “By working together, we can further accelerate innovation and develop technology that reduces emissions while delivering responsibly produced energy to meet global energy demand.”
(CNW)
