Moscow’s aggression laid bare the vulnerability of global oil markets, and the ability of bad actors to disrupt energy supply chains. The domino effect of a spike in oil prices has rippled through markets for other commodities and industries, and has already knocked out global economic growth.
That’s left policy-makers in a bind: If they can’t rein in energy prices soon, will they lose the public’s trust and be forced to water down their climate policies? Should they pump more oil and gas and reset their environmental goals, or double down on renewables despite soaring energy prices in the short term? Should they invest in both?Article content
As a major energy producer, Canada has a role to play both in the short term and in the future. We propose increasing production from oilsands and conventional producers immediately by around 500,000 barrels per day to calm volatile markets. Crucially, if Canadian barrels displace those of other producers, notably some of Russia’s output, there would be no additional global emissions. In addition, the net economic benefit of rising oil production — as much as $10.5 billion annually — can help offset the cost of accelerating decarbonization in other sectors. Canada can also meet its 2030 targets if it pursues its stated goal of reducing 75 per cent of methane emissions by the end of the decade.
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