Recent geopolitical turmoil has highlighted the need for Canada to move beyond oil and gas for energy security. Renewable energy offers a more sustainable path forward and reduces the negative impact of geopolitics on energy prices.
It’s often stated that Canada ’s abundant oil and gas reserves provide energy security . Yet recent geopolitical turmoil – such as Russia’s invasion of Ukraine – has tested this notion, causing oil and gas prices to surge, fuelling inflation and making Canadians’ lives more costly.
,” examining the growing benefits of renewables given that their inputs – largely wind and solar – are free and generally unaffected by the actions of foreign governments or commodity markets. Meanwhile, the report pointed out that natural gas prices have surged to multiyear highs, and gasoline hit a record high in the spring of 2022.
“Solar, for example, already has more investment globally this year than oil and gas,” he says, pointing to recentfrom the International Energy Agency showing about US$1-billion is invested daily in solar energy development, or US$382-billion for the year, outpacing oil production investment at US$371-billion.
But large-scale projects take decades to complete, says Grant Arnold, president and chief executive officer of BluEarth Renewables in Calgary.
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