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The government tasked Expert Panel on Sustainable Finance has just released its final report to the public on their recommendations for Canada’s future in economic sustainability.
You probably haven’t heard much about this report, which is a shame, because it includes some key recommendations that show major support for our oil and gas industry.
The expert panel explicitly recognizes the importance of the oil and gas industry in the Canadian economy by noting that:
“Oil and natural gas production and export is a prominent pillar of the Canadian economy”
The panel further notes that there have indeed been many challenges to the industry and sums up much of the concerns echoed by the industry as a whole:
“For Canada, conditions are exacerbated by perceptions of regulatory uncertainty, high compliance costs and long lead times. The result is capital flight, public debate over production expansion and market access and risk of price deflation. Canadian capital spending on oil sands in 2018 was one-third of the investment level in 2014.”
The Canadian Energy Network agrees with many of the points made in this report and supports the need for governments at every level to support innovation in the industry and pursue global markets for Canadian products.
Here are the report’s main recommendations that rally support for our oil and gas industry:
Recommendation 12.1. Develop a vision and pathway for clean innovation in the oil and natural gas sector.
a) Seed an oil and natural gas clean innovation cluster. Building on the work of existing organizations to pool capital and expertise and stimulate the development and commercialization of promising decarbonization and energy conservation solutions.
Recommendation 12.2. Promote enhanced industry commitment and transparency.
a) Secure a formal industry-wide commitment to responsible production and adequate public disclosures
Recommendation 12.3. Improve Canada’s ability to supply global markets with cleaner, more responsibly produced oil and natural gas.
a) Working with provincial governments and the private sector to establish the conditions for Canada’s oil and natural gas sector to prosper as a leading responsible supplier to the world.
These are just some of the recommendations that can help enhance our industry’s market capacity in the changing world.
With the election coming up, The Canadian Energy Network hopes that all parties will look at these recommendations and acknowledge their importance to not only a sustainable oil and gas sector, but also a sustainable Canada!
Check out the full recommendations here!