Economy
5 Reasons Why Canada Should Be a Global Oil Supplier of Choice
Post Submitted by Canada Action
#1 – Unprecedented Net-Zero Commitment
Canada’s largest oil sands producers just announced an unprecedented commitment to reaching net-zero emissions by 2050!
The net-zero term – used to describe the process of removing all greenhouse gas (GHG) emissions by reduction methods – has become an increasingly important mandate for companies looking to continue attracting investment while participating in the transition to a lower-carbon future.
Accounting for about 90 per cent of oil sands production, the new five-member alliance is just one of many examples of why Canadian producers should be go-to oil suppliers of choice for buyers worldwide.
#2 – Continual GHG Emission Reductions
The emissions intensities of oil sands operations dropped by 36 per cent between 2000 and 2018due to fewer gas venting emissions, technological and efficiency improvements and reductions in the percentage of bitumen upgraded at national refineries says Natural Resources Canada.
Oil sands emissions intensities per barrel are also forecast by IHS Markit to drop another 16 to 23 per cent by 2030 due to continued innovation and technological advancement in the Canadian oil and gas sector.
This matters in an increasingly carbon-constrained world where going “green” has been put at the forefront of investors’ minds around the globe. According to these standards, investment cash should be flowing into Canada in droves for its dedication to the sustainable production of its natural resources such as oil, natural gas and minerals to name a few.
#3 – Leader in Social Progress
Social Progress Imperative lists Canada as seventh out of 163 countries on its Social Progress Index 2020, outranking all other major global oil jurisdictions except Norway. The annual index examines a total of 50 social and environmental indicators across 12 major subcategories, including:
If you value social progress, the choice is clear. Canada ranks number one out of all the world’s top oil producers, exporters and reserve holders except for Norway and should be a global supplier of choice.
#4 – Carbon Pricing in a Carbon-Constrained World
Home to roughly 80 per cent of Canada’s total oil production, Alberta is one of the few global oil jurisdictions with mandatory disclosures, regulated emissions protocols and carbon taxes on excess GHGs.
In 2007, the province also became the first jurisdiction in North America and one of the first in the world just behind the European Union to take climate action with mandatory GHG emission reduction targets for large industrial emitters across all industries.
To add, only 10.5 per cent of global crude oil production is subject to carbon pricing, of which about 40 per cent is accounted for by Canada (with ~4.2 per cent of global output).
Carbon pricing and mandatory GHG emissions protocols matter huge in a carbon-constrained world. Therefore, Canada’s current policies indicate that it should be a choice supplier of oil and gas for decades to come.
#5 – A World-Class Regulatory Environment
Canada’s oil and gas producers are subject to some of the most stringent regulations and governance standards for energy projects anywhere on the planet. It only makes sense that future oil and gas supply comes from highly transparent producers like Canada that practice environmentally conscious extraction and production techniques.
Shutting down Canadian pipelines carrying Canadian oil has not kept one barrel of oil in the ground. What this has accomplished, however, is the displacement of global market share to less environmentally conscious producers who, in many instances, have abysmal records on social progress indicators such as freedom of expression and other basic human rights.
More Oil & Gas in Canada
Canada Should Be a Supplier of Choice
Canada’s proven track record on Environmental, Social and Governance metrics means that we should be a global supplier of choice for oil, gas, minerals, metals, agricultural products, forestry products and everything in between.
Support Canadian resource families and learn more about our world-class natural resource sectors by joining us on Twitter, Instagram and Facebook today. Hope to see you there!
From LifeSiteNews
An April study has found that 42% of Gen Z and 39% of Millennials are putting off starting families due to a lack of work-life balance spurred by an increase in the cost of living.
A survey has found that more Canadians are delaying starting a family due to a lack of work-life balance spurred by the rising cost of living.
According to an April 24 Express Employment Professionals-Harris Poll survey, one-third of employed job seekers stated that they are putting off starting a family due to a lack of work-life balance, including 42% of Gen Z and 39% of Millennials.
“The most common thing I hear from candidates who are putting off starting a family is that the cost of living is too high,” Jessica Culo, an Express franchise owner in Edmonton, Alberta stated.
“We definitely hear more and more that candidates are looking for flexibility, and I think employers understand family/work balance is important to employees,” she added.
Two-thirds of respondents further stated that they believe it’s essential that the company they work for prioritizes giving its employees a good work-life balance as they look to start a family. This included 77% of Gen Z and 72% of Millennials.
The survey comes as Canada’s fertility rate hit a record-low of 1.33 children per woman in 2022. According to the data collected by Statistics Canada, the number marks the lowest fertility rate in the past century of record keeping.
Sadly, while 2022 experienced a record-breaking low fertility rate, the same year, 97,211 Canadian babies were killed by abortion.
Canadians’ reluctance or delay to have children comes as young Canadians seem to be beginning to reap the effects of the policies of Prime Minister Justin Trudeau’s government, which has been criticized for its overspending, onerous climate regulations, lax immigration policies, and “woke” politics.
In fact, many have pointed out that considering the rising housing prices, most Canadians under 30 will not be able to purchase a home.
Similarly, while Trudeau sends Canadians’ tax dollars oversees and further taxes their fuel and heating, Canadians are struggling to pay for basic necessities including food, rent, and heating.
A September report by Statistics Canada revealed that food prices are rising faster than the headline inflation rate – the overall inflation rate in the country – as staple food items are increasing at a rate of 10 to 18 percent year-over-year.
While the cost of living has increased the financial burden of Canadians looking to rear children, the nation’s child benefit program does provide some relief for those who have kids.
Under the Canadian Revenue Agency’s benefit, Canadians families are given a monthly stipend depending on their family income and situation. Each province also has a program to help families support their children.
Young Canadians looking to start a family can use the child and family benefits calculator to estimate the benefits which they would receive.
Regardless of the cost of raising children, the Catholic Church unchangeably teaches that it is a grave sin for married couples to frustrate the natural ends of the procreative act through contraceptives, abortion or other means.
Such wisdom has even bled into the mainstream in recent years, with non-Catholic pundits like America’s Tucker Carlson advocating that young people “Get married when you’re too young, have more kids than you can afford, take a job you’re not qualified for, live boldly.”
From the Fraser Institute
One can legitimately ask whether the federal government has simply grown too big, complex and unwieldy to be managed at all
The Trudeau government’s 2024 budget landed with a thud, evoking little enthusiasm and drawing spirited criticism from business leaders, investors, provincial premiers and (of course) the opposition parties. Several elements of the budget have garnered outsized attention, notably the pledge to run endless deficits, the imposition of higher capital gains taxes, and various new programs and policy initiatives intended to address Canada’s housing crisis.
But the budget includes a few eye-catching data points that have been downplayed in the subsequent political and media commentary.
One is the sheer size of the government. The just-completed fiscal year marked a milestone, as Ottawa’s total spending reached half a trillion dollars ($498 billion, to be exact, excluding “actuarial losses”). According to the budget, the government will spend $95 billion more in 2024-25 than it planned only three years ago, underscoring the torrid pace of spending growth under Prime Minister Trudeau.
One can legitimately ask whether the federal government has simply grown too big, complex and unwieldy to be managed at all, even if we assume the politicians in charge truly care about sound management. How many parliamentarians—or even cabinet ministers—have a sufficient understanding of the sprawling federal apparatus to provide meaningful oversight of the vast sums Ottawa is now spending?
The ArriveCAN scandal and chronic problems with defence procurement are well-known, but how good a job is the government doing with routine expenditure programs and the delivery of services to Canadians? The auditor general and the Parliamentary Budget Officer provide useful insights on these questions, but only in a selective way. Parliament itself tends to focus on things other than financial oversight, such as the daily theatre of Question Period and other topics conducive to quick hits on social media. Parliament isn’t particularly effective at holding the government to account for its overall expenditures, even though that ranks among its most important responsibilities.
A second data point from the budget concerns the fast-rising price tag for what the federal government classifies as “elderly benefits.” Consisting mainly of Old Age Security and the Guaranteed Income Supplement, these programs are set to absorb $81 billion of federal tax dollars this year and $90 billion by 2026-27, compared to $69 billion just two years ago. Ottawa now spends substantially more on income transfers to seniors than it collects in GST revenues. At some point, a future government may find it necessary to reform elderly benefit programs to slow the relentless cost escalation.
Finally, the budget provides additional details on the Trudeau government’s epic bet that massive taxpayer-financed subsidies will kickstart the establishment of a major, commercially successful battery and electric vehicle manufacturing “supply chain” in Canada. The government pledges to allocate “over $160 billion” to pay for its net-zero economic plan, including $93 billion in subsidies and incentives for battery, EV and other “clean” industries through 2034-35. This spending, the government insists, will “crowd in more private investment, securing Canada’s leadership” in the clean economy.
To say this is a high-risk industrial development strategy is an understatement. Canada is grappling with an economy-wide crisis of lagging business investment and stagnant productivity. Faced with this, the government has chosen to direct hitherto unimaginable sums to support industries that make up a relatively small slice of the economy. Even if the plan succeeds, it won’t do much to address the bigger problems of weak private-sector investment and slumping productivity growth.
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