Global demand for oil will remain constant through 2030, according to the Department of Environment. It follows a similar earlier forecast from a separate federal department that Canadians will rely on oil and gas for “years to come.”.“Oil demand is projected to be relatively constant through 2030 before we start to see a significant decline,” the environment department wrote in a submission to the Senate national finance committee..“The International Energy Agency has demonstrated even in a net zero world by 2030 there will still be a role for oil and gas.”.According to Blacklock's Reporter, the environment department last April 6 approved the US$12 billion Bay du Nord offshore oil project in Newfoundland and Labrador. The venture would see 30 years’ worth of oil production east of St. John’s..The report defended the licensing as prudent despite cabinet’s climate change program. “For the demand that will remain in a net zero transition and a net zero world it is essential that we use oil with the least environmental impact and the lowest emissions profile,” wrote staff. “The Bay du Nord project has forecasted emissions that are lower than other offshore projects in the region.”.John Moffet, deputy environment minister, earlier testified at a May 10 hearing of the Senate national finance committee that Bay du Nord fit with climate change programs. “Existing offshore oil production is declining so we’re not really increasing production,” said Moffet. “We are replacing existing production.”.The Department of Employment in a separate July 2, 2020 report similarly predicted ongoing reliance on fossil fuels. “The world will continue to rely on oil and natural gas for years to come even as we reduce our reliance on them and increasingly adopt lower and zero-emitting energy sources,” said the department..“The Government of Canada is committed to maintaining a resilient and competitive oil and gas sector and to helping workers and employers experiencing hardship,” said the 2020 submission..“The petroleum sector is a fundamental underpinning of the Canadian labour market and is critical to restarting and rebuilding our economy.”.The submission followed a May 12 hearing in which a senator questioned the department on its outlook for oil and gas. “Does Canadian oil still have a future?” asked Senator Jean-Guy Dagenais (Que.). “We will certainly provide a written response to that question,” replied Elisha Ram, associate assistant deputy minister of employment.
Global demand for oil will remain constant through 2030, according to the Department of Environment. It follows a similar earlier forecast from a separate federal department that Canadians will rely on oil and gas for “years to come.”.“Oil demand is projected to be relatively constant through 2030 before we start to see a significant decline,” the environment department wrote in a submission to the Senate national finance committee..“The International Energy Agency has demonstrated even in a net zero world by 2030 there will still be a role for oil and gas.”.According to Blacklock's Reporter, the environment department last April 6 approved the US$12 billion Bay du Nord offshore oil project in Newfoundland and Labrador. The venture would see 30 years’ worth of oil production east of St. John’s..The report defended the licensing as prudent despite cabinet’s climate change program. “For the demand that will remain in a net zero transition and a net zero world it is essential that we use oil with the least environmental impact and the lowest emissions profile,” wrote staff. “The Bay du Nord project has forecasted emissions that are lower than other offshore projects in the region.”.John Moffet, deputy environment minister, earlier testified at a May 10 hearing of the Senate national finance committee that Bay du Nord fit with climate change programs. “Existing offshore oil production is declining so we’re not really increasing production,” said Moffet. “We are replacing existing production.”.The Department of Employment in a separate July 2, 2020 report similarly predicted ongoing reliance on fossil fuels. “The world will continue to rely on oil and natural gas for years to come even as we reduce our reliance on them and increasingly adopt lower and zero-emitting energy sources,” said the department..“The Government of Canada is committed to maintaining a resilient and competitive oil and gas sector and to helping workers and employers experiencing hardship,” said the 2020 submission..“The petroleum sector is a fundamental underpinning of the Canadian labour market and is critical to restarting and rebuilding our economy.”.The submission followed a May 12 hearing in which a senator questioned the department on its outlook for oil and gas. “Does Canadian oil still have a future?” asked Senator Jean-Guy Dagenais (Que.). “We will certainly provide a written response to that question,” replied Elisha Ram, associate assistant deputy minister of employment.
