I almost fell off my chair when our own prime minister used the “D” word (decarbonization) and acknowledged at the recent G 7 summit that the world needs to move away from fossil fuels. Canada would do its part, albeit over the next 85 years.
Even the Pope, as reported by Daniel Burke of CNN, issued his 10 commandments on climate change. It really did seem like the light had come on and that several world leaders recognized that action to transition away from fossil fuels was indeed the path we need to take.
After reading Kyle Bakx’s article for CBC news, I found myself falling off my chair – again.
“Energy research firm Wood Mackenzie suggests Western Canada oil producers at risk of losing $100 billion in the next 15 years …”
Did I miss something – I thought that Finland was planning to be almost free of fossil fuels in that same 15 year time frame. Perhaps what Wood Mackenzie was really saying is that if the oil producers do not move toward developing “green” sources of energy that they will indeed risk financial lose. If you were an energy research company, that did happen to see the writing on the wall, how would you advise your energy industry clients to re-assign their capital assets? How would you develop a strategy to make that transition – a very complex one? Clearly, if you are looking to continue as an oil producer and expand capacity over the next 15 years, it is you and not me who have missed something.