Setting the record straight on the day’s top anti-oil and gas media stories
ACTIVIST CLAIM: Toronto Star columnist’s unhinged ramblings about Alberta’s oil sands throws all sense of sanity out the window.
THE FACTS: Every energy demand scenario includes oil and gas. Canada has the highest ESG ranking of major oil and gas producing countries. It’s time we export this advantage.
Here are some facts and sources to have a reasoned conversation about Canadian oil and gas:
- Canada has the highest environmental, social, and governance standards of major oil and gas producers, which make us well suited to provide responsible energy. Every energy demand scenario still shows oil and gas as a major world energy source. As this demand grows, the world will need more of our responsible energy.
- Mallick recycles the myth that oil sands are the dirtiest source of oils and that’s why investment funds are ditching oil and gas. However, conventional studies such as this report from IHS Markit “Comparing GHG Intensity of the Oil Sands and the Average US Crude Oil, May 2014” concluded that 45% of US oil supply falls within the same GHG intensity range as oil sands.
- Investment fund managers are telling investors to be wary of cleantech disruptor companies since they still rely heavily on government subsidies to turn a profit. They’re saying that staying in oil and gas stocks can secure portfolios.
- While Mallick typed this article on a laptop made from refined petroleum products calling oil the unfriendliest material on earth, she neglects to mention that petroleum products improve people’s lives every day. In fact over the past two years, while the world deals with COVID-19, personal protective equipment made from oil and gas was literally saving lives.
- Canada is already a leader in hydrocarbon production in terms of technology and ESG. A recent report from a global consulting firm, Wood Mackenzie, shows Canada is leading in carbon reduction tech as well. If all proposed projects came online, they could reduce up to 115 million tonnes of CO2, or 60% of Canada’s 2030 goal of 200 million tonnes reduced. This helps improve our emissions even more.
Stories that get it right
In one of the great ironies of modern Canadian life, a country with among the world’s largest oil reserves, both offshore and on the prairies, has imported $488 billion in foreign oil since 1988.