Join energy coaches David Arkell and John Pooley, producer Lysandra Naom, and Petroleum Technology Alliance Canada's COO Allan Fogwill on an episode on the future status of the oil industry in Canada. This episode features the mitigating carbon emissions, COP26 impact, major changes in the industry, and more. Check out our 360 Carbon Excellence Program.
"
Emission Reduction Initiatives: Fogwill explains how Canada’s oil sector is focused on decreasing emissions per barrel by optimizing energy efficiency and exploring alternative extraction methods, such as using electricity and solvents instead of steam in oil sands.COP26’s Limited Impact on Canadian Oil: The industry was already investing in clean technology and environmental initiatives before COP26, making the international agreement a reinforcement rather than a change for Canadian policies.Carbon Capture, Utilization, and Storage (CCUS): CCUS is a priority, especially the utilization aspect, where captured carbon is repurposed into materials like carbon-reinforced cement and carbon fibers for building materials, showing the industry’s commitment to innovation.Exporting Canadian Clean Tech: Canada has a competitive advantage in clean technologies and environmental solutions, allowing its oil industry to move beyond commodities to offer sustainable technologies and services worldwide.Importance of ESG Reporting: Environmental, Social, and Governance (ESG) frameworks, linked to UN Sustainable Development Goals, are becoming essential in attracting investment to the Canadian oil sector. However, inconsistencies in reporting standards pose challenges.
Integration of ESG and Sustainability: Canada’s oil sector is aligning with global ESG standards, working on not only emission reduction but also addressing other UN goals, like biodiversity and energy poverty, within its reporting frameworks.Decoupling Oil Business Units for Investors: Some suggest splitting traditional oil extraction from clean technology divisions within oil companies, allowing environmentally conscious investors to support sustainable initiatives without supporting fossil fuels.Long-Term Role of Oil in Net Zero Goals: While Net Zero by 2050 aims to reduce emissions, it doesn’t imply eliminating oil. Projections indicate that 50-70 million barrels of oil daily will still be necessary, underscoring the need for a balanced energy mix.Innovation and Workforce Development: The future of Canada’s oil industry depends on new technologies and skilled workers. The sector needs engineers, technicians, and other professionals to innovate and achieve sustainability goals.Trust and Public Perception: Building public trust through transparency and education about the oil sector’s efforts toward sustainability is crucial. The industry aims to shift perceptions by highlighting environmental commitments and the economic importance of oil.