Varcoe: Oil and gas production tumbles in net-zero future, CER report shows
Under the global net-zero scenario, the report envisions both oil and natural gas production in Canada tumbling sharply by 2050.
Much of the future will depend on global demand and how it impacts energy prices, along with government policies around the world amid mounting concerns about climate change. “It’s very clear from this report…that there will be a lot of changes in the energy landscape,” Wilkinson said Tuesday in an interview.
Electricity would make up about 40 per cent of Canada’s total energy consumption by 2050 under this future, up from 17 per cent in 2021.Article content Almost 60 megatonnes of carbon emissions will be captured from heavy industries and oil and gas by 2050 in the global net-zero scenario — and almost 80 megatonnes in the Canadian net-zero outlook.Canada’s oilsands producers, working to reach net-zero emissions by 2050 through the Pathways Alliance group, have major plans to build a $16.5-billion carbon capture network and hub in Alberta.
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