Close X
Wednesday, November 13, 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

Home and camper on the wish list for Victoria, B.C., couple after $35M lotto win

Home and camper on the wish list for Victoria, B.C., couple after $35M lotto win
Lahsen Rezrazi says he stopped at a grocery store for milk and cream on his way to pick up Ramsay from work where he checked his lottery tickets. He says he initially won a modest $10 dollar prize and a free play before scanning the jackpot-winning ticket, and then called his wife with the news. 

Home and camper on the wish list for Victoria, B.C., couple after $35M lotto win

Renewable diesel refinery is first in Canada, completed in B.C.

Renewable diesel refinery is first in Canada, completed in B.C.
Officials, including Premier David Eby, were in Prince George to celebrate the milestone for the $380-million facility run by Tidewater Renewables. A government statement says the process involves blending feedstocks, such as canola and tallow, with transportation fuels to lower their carbon intensity.

Renewable diesel refinery is first in Canada, completed in B.C.

RCMP say no critical injuries in crash of B.C. bus carrying pipeline camp workers

RCMP say no critical injuries in crash of B.C. bus carrying pipeline camp workers
Prince George RCMP say no critical injuries have been reported among the 30 people on the bus that went off a forest service road and crashed 120 kilometres north of Prince George, B.C.

RCMP say no critical injuries in crash of B.C. bus carrying pipeline camp workers

Pregnant woman at Surrey Memorial Hospital told to go home and wait, delivered baby in car

Pregnant woman at Surrey Memorial Hospital told to go home and wait, delivered baby in car
According to media reports, on Sunday, a pregnant woman gave birth to her baby in her car after being turned away from the hospital on the pretext that what she was experiencing wasn't labour pain. Doctors at the SMH gave her morphine and told her to go home and wait.

Pregnant woman at Surrey Memorial Hospital told to go home and wait, delivered baby in car

Impaired Abbotsford driver makes their child blow into the ignition interlock system

Impaired Abbotsford driver makes their child blow into the ignition interlock system
Police in Abbotsford say a driver admitted to making their child blow into the ignition interlock system meant to keep impaired drivers from getting behind the wheel. They’ve also informed the Ministry of Children and Family Development. 

Impaired Abbotsford driver makes their child blow into the ignition interlock system

Environment Canada says 10 tornadoes confirmed in Alberta during Wednesday storm

Environment Canada says 10 tornadoes confirmed in Alberta during Wednesday storm
Environment Canada confirms what it calls a "tornado outbreak" in rural Alberta earlier this week. It says between 2:30 p.m. and 7:30 p.m. on Wednesday, nine twisters hopscotched between Calgary and Medicine Hat and another was spotted near Vermillion in eastern Alberta. 

Environment Canada says 10 tornadoes confirmed in Alberta during Wednesday storm