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divesting from those that, in their view, are not. Canadian industry understands this, so they’re following the money. Or, as we say here, they’re skating to where the puck is going.
“ Energy is our family business”. That’s what my late friend and former Alberta premier Jim Prentice used to say of Canada. He was right. We’re the world’s fourth-largest producer of oil and gas. The thirdlargest producer of hydro-electricity. A tier-one nuclear nation and the ninthlargest producer of renewables. This is what we do. Gas is a big part of that. It’s a critical piece of our energy mix today, and it will be essential in building our lowemissions energy future. The market is changing. Investors around the world are increasingly making clear choices: they’re putting their money into businesses, industries and jurisdictions that are taking meaningful climate action. And they’re
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and gas workers back to work cleaning up the environment and capping methane leaks. With all this and more, we’re building a low-emissions energy future that leaves no one behind.
Canadian oil and gas invests $1bn in cleantech every year. In fact, they’re our largest private cleantech investors, accounting for more than 70% of the private sector’s yearly total R&D.
Working with Indigenous Peoples. Integrating local knowledge and cultural considerations in sustainable projects. Ensuring they benefit with jobs and share the economic opportunity.
And right now, Canadians are building one of the largest and cleanest LNG facilities in the world. The $40-billion LNG Canada project will emit 50% fewer GHGs than its international peers.
Canada offers preferential access to markets - two-thirds of the global economy in fact. Low corporate tax rates and a streamlined regulatory process. And, a growing LNG sector that Oxford University calls ‘among the most progressive’ in the world.
We’re electrifying gas fields and reducing methane emissions through innovations like carbon capture and renewable natural gas. And our government is leading the way. Not just because it’s the right thing to do - and it is the right thing to do - but because it’s the smart thing to do. Lowering our emissions increases our competitiveness. Late last year, we launched Canada’s Hydrogen Strategy. It’s a detailed call to action to make Canada the world’s hydrogen supplier of choice. We also launched a $750mn Emissions Reduction Fund to help the oil and gas sector lower their emissions while supporting jobs. We’ve invested $1.72bn to clean up orphan and inactive wells, getting oil
The ingenuity, determination and hard work of workers in our natural resource sectors will lead us in our common mission: Net-zero emissions by 2050; A national economy that continues to grow and prosper; and A low-emissions future that leaves no one behind. I know this is a lot. It’s ambitious. But we’re Canada. This is what we do.
—Seamus O’Regan Jr. Canada’s Minister of Natural Resources
MARCH 2021