Canada can provide the energy of tomorrow.
Canada’s oil and natural gas industry could be one of the world’s most sustainable energy suppliers at a time when environmental stewardship and responsible development are needed the most. Our industry will help grow Canada’s economy and enhance opportunities for future generations.
But we live in an increasingly competitive world – a world in which Canada is falling behind.
Competition for capital investment in the global market is fierce and if Canada wants its energy industry to be a major player internationally, the time to act is now.
Total capital spending in the Canadian economy was $45 billion in 2017 – a 44-per-cent decline compared to $81 billion in 2014, and a 19-per-cent drop from 2016. Meanwhile, capital spending in the United States increased by about 38 per cent to $120 billion thanks to a more streamlined regulatory system.
The country that was formerly our largest customer is now our largest competitor.
Capital investment in our energy sector is the spark that creates jobs and economic growth across Canada, generating $19 billion in revenues and 533,000 jobs across the nation in 2017.
Meanwhile, the International Energy Agency (IEA) is predicting that although renewable energy is on the rise, oil and natural gas will continue to make up the largest part of the total energy mix with increased urbanization and population growth, accounting for 52 per cent of the total energy demand.
Innovation is also key to the future of Canadas’ energy sector – through it we can break the link between energy growth and emissions growth. With additional government investment in technology, Canada will show the world how its oil and natural gas can lead the way.
As Canada’s Energy Citizens we want to see Canadian energy lead the world.
Our industry and government could, and should, ensure the responsible development of our resources continue to provide jobs and prosperity for Canadians while valuing sustainable practices and lower-carbon processes.
We want to create a Canadian energy strategy that reflects the values our country embraces – transparency, hard work, opportunity, economic strength, and environmental leadership.
We want to work collaboratively with government to develop a framework that effects real change. The industry can spur economic growth, create jobs, and generate broad-based prosperity.
Let’s work together to create a global vision for Canadian oil and natural gas that all Canadians can be proud of.