The final Global Stocktake agreed to at COP28 is ambitious and will require thoughtful approaches, practical compromises and significant investment from industries and governments to advance the multiple technologies needed to meet net zero goals. We are pleased to see a reaffirmation that technologies such as carbon capture and storage, nuclear and low-carbon hydrogen are essential to meeting global climate commitments.
“While oil and gas are still needed to meet global demand and energy security, we will remain focused on our ambitious goal to achieve significant emissions reductions from our operations by 2030 and net zero from operations by 2050.”
“Even aggressive demand scenarios such as the IEA’s Net Zero Scenario suggest oil will continue to be needed through 2050 and beyond as part of a diverse and stable energy mix to meet the demands of a growing global population. Whether we end up with 25 million barrels or 100 million barrels per day of oil demand in 2050 – or somewhere in between – there will still be significant demand for oil, and we should continue to meet a significant share of that demand with sustainably produced Canadian oil.
“Importantly, there will continue to be demand for oil and gas for non-combustion uses – everything from asphalt to plastics to carbon fibres. Bitumen from the oil sands is one of the best source materials for many of these kinds of products.”
-Kendall Dilling, President, Pathways Alliance