In order to slash emissions and address climate change, countries around the world need to cut down on their oil and gas production. During the COP26 United Nations climate conference, the Canadian oilpatch felt a level of unease as to be expected. Juia Levin from Environment Defense warned last week a “rapid wind-down of fossil fuels is needed in order to limit catastrophic levels of warming, save millions of lives and end harm to front-line communities.”
The issue is that many energy companies are seeing a return in hefty profits after many years of low commodity prices. Currently, both oil and gas prices are at multi-year highs. That’s why many of these companies are receiving calls to use those funds to increase their efforts to reduce emissions.
In Canada, many businesses in the oil patch see the opportunity to use technology to lessen the greenhouse gases produced. Some said the sector can help the country actually achieve its climate targets. Oilsands in Canada make up roughly 11 per cent of the countries total emissions and the oil patch products another 15 per cent.
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