We are ready and willing to do our part to contribute to the overall Canadian plan on climate change.
Global demand for energy is growing, and Canada is uniquely positioned to help meet this demand.
- The IEA forecast reinforces that fossil fuels – specifically oil and natural gas – remain the dominant sources of meeting the world’s growing energy demand in the foreseeable future.
- The report underlines that Canada’s significant oil and natural gas resources can help meet global demand and be an important source of energy security to world markets compared to politically less stable regions.
Growth in Global Energy Demand
Global energy demand is predicted to increase 30 per cent by 2040. All forms of energy, developed responsibly, will be needed to help meet this demand. Canada has the opportunity to be the supplier of choice in the global market.
Our aspiration is to produce oil with lower greenhouse gas emissions than other sources of oil.
For Us, Technology is Key
Technology is critical – it builds on our industry’s strength and on our track record. It is also the key to unlocking the value of Canada’s oil and natural gas resources while continuing to reduce carbon emissions.
To help achieve this the oil and natural gas industry has committed $1 billion into environmental innovation and technology through a 10-year partnership with the Alberta Department of Environment.
And the work is ongoing. To date, Canada’s oil sands industry has invested almost $1.33 billion and shared 936 distinct technologies and innovations through Canada’s Oil Sands Innovation Alliance (COSIA). COSIA is seeking new ways to reduce GHGs, minimize land impacts, reduce water use and improve the management of tailings.
Technology and innovation has been and will continue to be the strength and key opportunity for Canada to meet its commitment to addressing climate change.
Technology at Work
"Our industry developed the technology to get the oil out of the sand, and we will develop the technology to take carbon out of the barrel."
Tim McMillan, CAPP President and CEO
Molten Carbonate Fuel Cell technology
Cenovus Energy Inc. and its partners are exploring a Molten Carbonate Fuel Cell (MCFC) technology that would combine capturing carbon dioxide (CO2) with generating low GHG-intensive electricity.
COSIA in Space
Imperial is leading a joint industry project with Canadian Natural, Shell and Suncor Energy to work with GHGSat (a global emissions monitoring company) to investigate the use of satellite technology to provide more accurate and frequent measurements of fugitive greenhouse gas (GHG) emissions from tailings ponds and mine faces.