Inefficient policies and lack of market access get in the way of Canada meeting global energy demand: CAPP
Calgary – The world’s thirst for energy is on the rise and Canada has an opportunity to meet the growing global demand for energy in an environmentally and socially responsible manner, but only with effective regulatory policies and increased market access, according to Canada’s Role in the World’s Future Energy Mix, the second in a series of economic reports released by the Canadian Association of Petroleum Producers (CAPP).
The International Energy Agency’s World Energy Outlook 2017 anticipates the demand for all forms of energy – oil and natural gas as well as renewables and nuclear – will continue to increase as the global population grows to 9.2 billion by 2040. Emerging economies and urbanization in countries such as India, China and throughout Southeast Asia, along with rising gross domestic product, will increase total energy demand by 30 per cent from today.
Although the world’s energy mix is changing, oil will continue to grow and be the predominant energy source to 2040, while natural gas production grows to become the world’s second-largest energy source overall, both essential to the development of emerging economies.
Canada has an opportunity to become the world’s energy supplier of choice – serving global markets with responsibly produced energy that displace production from countries with poorer environmental performance.
This can only be achieved if Canada’s oil and natural gas industry remains competitive – attracting investment, spurring innovation, and gaining access to global markets to leverage our leadership position in environmental stewardship and responsible energy production.
CAPP wants the federal government to help define Canada’s vision for the future of oil and natural gas to meet the world’s growing energy needs.
This vision includes:
• Collaboration between industry and government to create an effective policy and regulatory environment that encourages investment and access to world markets;
• Cultivating support among Canadians for the responsible development of our natural resources; and,
• Adopting environmental policies that compete favourably with other jurisdictions, encouraging the types of innovation and investment that grow our brand as the global energy supplier of choice.
Canada’s Role in the World’s Future Energy Mix can be downloaded at www.capp.ca/economicseries.