Close X
Thursday, November 14, 2024
ADVT 
National

Canada's oil output would plummet by 2050 in a net-zero world, new modelling shows

Darpan News Desk The Canadian Press, 20 Jun, 2023 11:21 AM
  • Canada's oil output would plummet by 2050 in a net-zero world, new modelling shows

New modelling from the Canada Energy Regulator suggests Canadian oil production will plummet by 2050 if the world achieves its Paris target of net-zero greenhouse gas emissions within that time.

The regulator says if emissions regulations successfully limit global warming to 1.5 degrees Celsius, fossil fuel use will drop by 65 per cent from 2021 to 2050.

That would prompt a collapse in global oil prices, to as low as US$35 per barrel by 2030 and US$24 per barrel by 2050.

The regulator says as a result of these low prices, Canadian crude oil production would fall to 1.2 million barrels per day by 2050, 76 per cent below 2022 levels. 

But the Canada Energy Regulator says less ambitious global climate action would keep oil prices much higher for longer.

Its model shows that if Canada achieves net-zero by 2050, but large countries like China and India move at a slower pace, global oil prices will remain above US$60 per barrel and Canadian oil production will decline by just 22 per cent.

 

MORE National ARTICLES

Shots fired in South Surrey

Shots fired in South Surrey
On Tuesday at approximately 3:08 a.m., Surrey RCMP received a report of shots heard in the 13000-block of Crescent Road. Crescent Road is closed in both directions between 130 Street and 132 Street while the scene is being processed.

Shots fired in South Surrey

School teacher charged with sexual assault

School teacher charged with sexual assault
It is alleged that during his tenure as a teacher at St. Thomas Aquinas Regional Secondary School, Vesco sexually assaulted a student while he was teaching at the school from 2017 to 2019.

School teacher charged with sexual assault

Chilliwack gets Indigenous Justice Centre to help break incarceration cycle, says Eby

Chilliwack gets Indigenous Justice Centre to help break incarceration cycle, says Eby
A statement from Eby's office says Indigenous people comprise about five per cent of B.C.'s population, but account for about 30 per cent of people in provincial jails, and justice centres are a key part of addressing that "over-incarceration."

Chilliwack gets Indigenous Justice Centre to help break incarceration cycle, says Eby

Motorcyclist dead in Nanaimo

Motorcyclist dead in Nanaimo
Officers say the motorcycle was going northbound on Island Highway when a southbound truck tried to make a left turn and hit the motorcycle. The driver of the motorcycle was pronounced dead at a hospital.

Motorcyclist dead in Nanaimo

Delta shooting leaves one injured

Delta shooting leaves one injured
Officers responding to reports of a disturbance at a home yesterday evening discovered that an unknown suspect had fired a gun. Shortly after, a person arrived at a local hospital with a minor gunshot wound.

Delta shooting leaves one injured

Vancouver Chinatown condo project hearing resumes with nearly 100 wanting to speak

Vancouver Chinatown condo project hearing resumes with nearly 100 wanting to speak
People on both sides of the debate about the proposed nine-storey building at 105 Keefer Street are speaking at a meeting of the city's development permit board, scheduled to run from 3 p.m. to 10 p.m.

Vancouver Chinatown condo project hearing resumes with nearly 100 wanting to speak