Showing posts with label Exxon. Show all posts
Showing posts with label Exxon. Show all posts

Friday, March 18, 2022

Fossil Fuel Dependency Cost and Climate

Bill McKibben, writing in the New Yorker, comments that this year, we may need to compensate for banning the importation of Russian oil with American hydrocarbons.



 

The only way, however, to eliminate Putin’s and every other producing country’s ability to use oil as an economic weapon is to reduce our dependence on oil. New numbers turn the economic logic we’re used to upside down.


 

A few years ago, at a petroleum-industry conference in Texas, the Canadian Prime Minister, Justin Trudeau, said something both terrible and true: that “no country would find a hundred and seventy-three billion barrels of oil in the ground and leave them there.” He was referring to Alberta’s tar sands, where a third of Canada’s natural gas is used to heat the oil trapped in the soil sufficiently to get it to flow to the surface and separate it from the sand. Just extracting the oil would put Canada over its share of the carbon budget set in Paris, and actually burning it would heat the planet nearly half a degree Celsius and use up about a third of the total remaining budget. (And Canadians account for only about one half of one percent of the world’s population.)1


Mark Jacobson showed a gift for science, and also for tennis. He travelled for tournaments to Los Angeles and San Diego, where he was shocked by how dirty the air was. He eventually wound up at Stanford as a professor of civil and environmental engineering, It was clear that visible air pollution was only part of the problem. It was understood that the unseen gas produced by combustion—carbon dioxide—posed an even more comprehensive threat.


Accepting nuclear power for a while longer is not the only place environmentalists will need to bend. A reason I supported shutting down Vermont’s nuclear plant was because campaigners had promised that its output would be replaced with renewable energy. In the years that followed, though, advocates of scenery, wildlife, and forests managed to put the state’s mountaintops off limits to wind turbines. More recently, the state’s public-utility commission blocked construction of an eight-acre solar farm on aesthetic grounds. Those of us who live in and love rural areas have to accept that some of that landscape will be needed to produce energy. Not all of it, or even most of it— Mark Jacobson’s latest numbers show that renewable power actually uses less land than fossil fuels, which require drilling fifty thousand new holes every year in North America alone. But we do need to see our landscape differently—as Ezra Klein wrote this week in the Times, “to conserve anything close to the climate we’ve had, we need to build as we’ve never built before.”1


Renewable energy is now cheaper than fossil fuel, and becoming more so.  Some analysts calculate a “decisive transition” to renewable energy would save the world twenty-six trillion dollars in energy costs in the coming decades. This is precisely the opposite of how we have viewed energy transition. It has long been seen as an economically terrifying undertaking: if we had to transition to avoid calamity (and obviously we did), we should go as slowly as possible.


 Bill Gates, just last year, wrote a book, arguing that consumers would need to pay a “green premium” for clean energy because it would be more expensive. But Emily Grubert, a Georgia Tech engineer who now works for the Department of Energy, has recently shown that it could cost less to replace every coal plant in the country with renewables than to simply maintain the existing coal plants. You could call it a “green discount.”1


For Americans, the best part of the Build Back Better bill may be that it tries to target significant parts of its aid to communities hardest hit by poverty and environmental damage, a residue of the Green New Deal that is its parent. Advocates are already pressing to ensure that at least some of the new technology is owned by local communities—by churches and local development agencies, not by the solar-era equivalents of Koch Industries or Exxon.


Amy Cardinal Christianson, who works for the Canadian equivalent of the Forest Service, is a member of the Métis Nation. Her family kept trapping lines near Fort McMurray, in northern Alberta, but left them for the city because the development of the vast tar-sands complex overwhelmed the landscape. (That’s the hundred and seventy-three billion barrels that Justin Trudeau says no country would leave in the ground—a pool of carbon so vast the climate scientist James Hansen said that pumping it from the ground would mean “game over for the climate.”) The industrial fires it stoked have helped heat the Earth, and one result was a truly terrifying forest fire that overtook Fort McMurray in 2016, after a stretch of unseasonably high temperatures. The blaze forced the evacuation of eighty-eight thousand people, and became the costliest disaster in Canadian history.1


The invasion of Ukraine by Russia has required Western nations to rework energy supply arrangements. Unfortunately, a number of corporations, organisations and politicians have attempted to use this crisis in an attempt to restart fossil fuel exploration and production. The opportunity that aligns with the scientific data from the IPCC is to begin now to increase production of energy from sources with low fossil fuel use.

 

Reference

 [1] (2022, March 18). In a World on Fire, Stop Burning Things | The New Yorker. Retrieved March 18, 2022, from https://www.newyorker.com/news/essay/in-a-world-on-fire-stop-burning-things


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Thursday, May 27, 2021

Stakeholders change Oil and Gas Investment

 

The Oil and Gas industry is dealing with stakeholder reluctance to invest in future oil and gas developments in Canada.

Looking at gas and oil investment

 

Emma Grane and Jeffrey Jones reporting in the Globe and Mail, write that  Royal Dutch Shell PLC, Exxon Mobil Corp. and Chevron Corp. were recently handed significant defeats over their approaches to fighting climate change. Canada’s Suncor Energy Inc. announced a long-awaited target to achieve net-zero emissions by 2050 that put the oil sands producer’s ambition in line with the federal government’s commitment under the Paris Agreement.


Shareholders – including the world’s largest fund managers – are also forcing companies to account for, and deal with, the risks they face in the global transition to cleaner energy sources. Suncor Energy aims to cut emissions by more than one-third while boosting oil production “Obviously, there’s an enormous amount of attention focused on how we move forward,” Mark Little, Suncor’s chief executive officer, said in an interview. “I think it actually says people are wanting energy companies and oil producers to be part of the solution, and, quite frankly, I think there’s a lot of wisdom in that. “The oil industry globally deploys enormous amounts of capital, it has massive technical project execution and operational capabilities, so it’s hard for me to envision how the world actually achieves its ambition without industries like the oil industry participating in the energy transition.” Suncor’s net-zero plan comprises strategies to meet an interim target of cutting emissions by 10 megatonnes a year by 2030. They include adoption of carbon capture, use and storage; production of low-carbon fuels and hydrogen; fuel switching in its oil sands operations; and renewable power generation, including wind energy. Importantly, Suncor is setting company-wide CO2 targets rather than intensity goals. That’s a departure from most of its Canadian peers, which measure their emissions per barrel produced.1


Nick Wells of the Canadian Press reports in the Globe and Mail that a First Nations group criticizes Woodside Petroleum’s move to sell its Kitimat LNG stake. Woodside Petroleum Ltd., an Australian company, says it plans to sell its 50 per cent stake in the 480-kilometre Pacific Trail Pipeline and the proposed LNG facility at Bish Cove.


The First Nations Limited Partnership, which represents 16 First Nations in northern B.C., says the decision to sell is both disappointing and poses a threat to its members’ commercial interests. Woodside’s announcement comes after Chevron Canada Ltd, the operator of the project, said earlier this year that it would stop funding further feasibility work on the project. The company put its interest up for sale in December 2019, but has failed to find a buyer.2


The risk associated with investment in oil and gas in Canada is connected to the need to reduce greenhouse gas emissions in line with IPCC recommendations and IEA plans to achieve global temperature targets.

 

References

1

(2021, May 26). Big Oil loses carbon emissions showdown in landmark case - The .... Retrieved May 27, 2021, from https://www.theglobeandmail.com/business/article-canadas-oil-industry-on-watch-after-dutch-court-orders-shell-to-cut/ 

2

(2021, May 21). First Nations group criticizes Woodside Petroleum's move to sell .... Retrieved May 27, 2021, from https://www.theglobeandmail.com/business/industry-news/energy-and-resources/article-first-nations-group-criticizes-woodside-petroleums-move-to-sell/ 

 

Tuesday, May 18, 2021

Struggle with Wording of Fossil Fuel Facts

 

Recent articles on the struggle between the oil and gas industry and organizations attempting to meet the emission reduction goals required to mitigate the effects of the climate emergency point out the need to critically think about the language used to influence opinion.
Electricity or Fossil Fuel?

 

CBC host Laura Lynch of the program “What On Earth” explored research from Harvard about the language of climate change used in public documents of ExxonMobil.

 

New analysis from Harvard measures how ExxonMobil used language to make individuals feel responsible for climate change, similar to the strategy used by tobacco companies in the past. Aired: May 16, 20211

Justin Worland, writing in Time magazine, reports on the study that concludes ExxonMobil wants you to take responsibility for Climate Change.

 In addition to shifting the responsibility individuals, one of the firm’s recent key strategies has been to emphasize what researchers call “climate risk” framing. Instead of using the term “climate change” in public communications, the company often refers to “climate risk,” along with related phrases like “potential risks” and “long-term risk.” The risk phrasing suggests there is uncertainty about if and how climate change will play out, without explicitly questioning the science. Researchers found this framing prevalent externally but not internally.2

The Journal, One Earth, reports the article by Geoffrey Supran and Naomi Oreskes of Harvard that is a rhetoric and frame analysis of ExxonMobil's climate change communications.

 

•ExxonMobil's public climate change messaging mimics tobacco industry propaganda


•Rhetoric of climate “risk” downplays the reality and seriousness of climate change


•Rhetoric of consumer “demand” (versus fossil fuel supply) individualizes responsibility


•Fossil Fuel Savior frame uses “risk” and “demand” to justify fossil fuels, blame customers3

Seth Klein, writing in the National Observer, notes that E&E News has exposed leaked documents that revealed many of North America’s major gas companies have been scheming to block electrification.

 

the consortium notes: “Natural gas (fossil fuel) in for fight of its life.” They are right about that. Hopefully, anyway. But they have no intention of going quietly into the night. Rather, consortium members are exhorted: “Everyone needs to contact legislators in favour of NG (natural gas),” and “Renewable Natural Gas is coming (likely will save NG business).” The slide says partners “have to continue to work together to grow this market.” The messages here cannot be accused of subtlety. They rightly see efforts, particularly at the municipal level, to ban or phase out the use of natural gas in buildings as an existential threat. “The fear of losing market share to non-fossil alternatives terrifies the gas companies,” Greenpeace climate campaigner Keith Stewart wrote in a post about the revelation, “but it should delight the rest of us.” “It’s going to be an ugly fight,” says Kai Nagata, communications director with the non-profit action group Dogwood, which campaigns on climate issues and has run workshops encouraging people to fuel-swap. (Full disclosure: I’m on Dogwood’s board.) “Fortis is a cornered animal. That’s what the consortium documents reveal. But it’s them or us. It’s their shareholders or our kids. Their future requires more houses tying into gas lines and our future requires the opposite.” The simple reality is this — if the number of new buildings tying into gas and the number of existing buildings upgrading their gas systems continues to be larger than those switching to electric heat pumps or other non-carbon fuel sources, then we’re not going to hit our climate targets. With trends like this, we’re fried.4

Benjamin Storrow, E&E News reporter, identifies some of the upcoming battlegrounds where some companies will transform, some will consolidate, and some will go away.

 Massachusetts looks like the next battleground. The state recently enacted a climate law to eliminate greenhouse gases by 2050. That will require zeroing out emissions associated with heating and cooling buildings, which accounted for roughly 27% of the state's greenhouse gases in 2017, according to the most recent Massachusetts data. When Massachusetts regulators mapped out a path to zero emissions late last year, they concluded that swapping out oil- and gas-fueled furnaces, boilers and water heaters for electric alternatives constituted the most cost-effective strategy. That represents a potential threat to companies like Eversource, which last year paid $1.1 billion to acquire the Massachusetts-based assets of Columbia Gas, a subsidiary of NiSource Inc. "None of these companies want to write their own obituary," said Deborah Gordon, a former petroleum engineer who now serves as a senior principal at RMI, a think tank that favors electrification. "If you're going to bend this curve, and we bend it quickly, there are going to be casualties. Some will transform, some will consolidate, some will go away."5

Joan Baxter, writing in the Halifax Examiner, reports on the Goldboro Gamble as Germans and Canadians join to oppose a proposed Nova Scotian liquid natural gas plant that “nobody needs."

 

The Examiner asked Hughes Larry Hughes, professor at Dalhousie University and founding fellow of the MacEachen Institute for Public Policy and Governance, whether he viewed the project as positive for Nova Scotia, and if not, what the disadvantages were. He replied: First, the project is for the export of natgas [natural gas], so Nova Scotians will not benefit from the natgas. There will undoubtedly be short-term (~5 year) employment benefits during the construction phase. Once the plant is operating, the numbers will fall sharply. The promise of jobs in a depressed economy is music to any politician’s ear … However, both the construction and operating phases of the project are emissions intensive. This will affect Nova Scotia’s attempt to reduce its emissions by 53% from 2005 levels by 2030. The 2030 target is about 11 megatonnes and once operating, Pieridae will be emitting 3.7 megatonnes. Without some form of carbon offsetting, the province will exceed its 2030 target. Positive in the short-term, negative in the long-term. The province needs to ask itself, what is more important?6

Reuters Staff reports that Pieridae still plans a final investment decision (FID) by June 30 on the Goldboro LNG export plant.

 

Pieridae said engineering firm Bechtel Corp plans to deliver a fixed-price proposal to build the plant by the end of May.There are currently 13 projects in North America, including Goldboro, that have said they plan to make FIDs in 2021. Analysts, however, expect only one or two projects will actually go forward this year. One project many analysts expect to go forward this year is Venture Global LNG’s Plaquemines plant in Louisiana. Goldboro is designed to produce about 10 MTPA. Pieridae plans to source the gas for Goldboro from its production in Alberta and transport it via existing pipelines, including the Maritimes & Northeast Pipeline from New England to New Brunswick and Nova Scotia, which passes near the Goldboro site.7


https://www.halifaxexaminer.ca/wp-content/uploads/2020/10/PHOTO-08-Pieridae-corporate-presentation-showing-pipeline-route.png 

The marketing effort to delay action to reduce fossil fuel emissions by promising short term gain for long term pain is a strategy that requires critical study by Nova Scotians who are concerned about the environment that our children and grandchildren will inhabit.

 

References

 

1

(n.d.). What On Earth with Laura Lynch | Live Radio | CBC Listen - CBC.ca. Retrieved May 16, 2021, from https://www.cbc.ca/listen/live-radio/1-429-what-on-earth 

2

(2021, May 13). How ExxonMobil Has Shifted Climate Change Messaging | Time. Retrieved May 16, 2021, from https://time.com/6048162/exxonmobil-climate-change/ 

3

(n.d.). Rhetoric and frame analysis of ExxonMobil's climate change .... Retrieved May 16, 2021, from https://www.cell.com/cms/10.1016/j.oneear.2021.04.014/attachment/0cf34a0c-453f-44fa-b7b8-5774b67eefd6/mmc1.pdf 

4

(2021, May 17). Time to stop playing nice with fossil fuel companies | Canada's .... Retrieved May 18, 2021, from https://www.nationalobserver.com/2021/05/17/opinion/time-stop-playing-nice-fossil-fuel-companies-blocking-climate-action 

5

(2021, May 3). Leaked docs: Gas industry secretly fights electrification ... - E&E News. Retrieved May 18, 2021, from https://www.eenews.net/stories/1063731537 

6

(n.d.). The Goldboro Gamble Part 2 - Halifax Examiner. Retrieved May 18, 2021, from https://www.halifaxexaminer.ca/province-house/the-goldboro-gamble-2/ 

7

(2021, April 15). Pieridae still plans FID on Nova Scotia LNG export plant by late June. Retrieved May 18, 2021, from https://www.reuters.com/article/pieridae-energy-goldboro-lng/pieridae-still-plans-fid-on-nova-scotia-lng-export-plant-by-late-june-idUSL1N2M82CF 

 

Friday, November 15, 2019

Health effects of inequality, bootstrap individualism and high-octane opportunism



The dangers to the physical and mental health of our children and grandchildren due to the warming of the planet invite consideration of the moral issues involved in supporting further activity by industries with high GHG emissions.
Sea Level rise

Susan Ormiston & Mia Sheldon of CBC News note that there is a saying among climate scientists that "what happens in the North doesn't stay in the North," meaning big changes in this region will affect the rest of Canada as well. Mean temperatures in the Western Arctic have increased a staggering 3.4 degrees Celsius since the 1960s.
To put that in perspective, the goal of the Paris Agreement on climate change that Canada signed is to ensure global temperatures rise no more than an average of 2 degrees Celsius above pre-industrial levels. Scientists predict that worldwide warming greater than that could trigger potentially disastrous changes to weather patterns and ocean levels.1

Investigators at the YEARS Project reveal that Exxon knew about the dangers of climate change in the 1970s, according to internal company documents.



This date agrees with the research done by Bill McKibben and published in his book “Falter: Has the Human Game Begun to Play Itself Out?”
Rylan Higgins offers the opinion that petroleum industry jobs are only a good living if you prepare for the bust, which always comes.
 In short, it's pretty brutal, pretty unforgiving. Chews you up, spits you out.
And I'm talking about people who have devoted their entire lives to it.
It's not a surprise. The power at the top is global, immense and hell-bent on squeezing every penny out of the labour that goes into producing oil and gas. The industry has long been one based on inequality, bootstrap individualism and high-octane opportunism...And let's not forget just how opportunistic and contradictory the powerful people in the industry are. When times are good, they argue that government needs to get out of the way, that progress should not be impeded by labour or environmental regulations.
Consider, however, the fact that oil and gas are extracted on land secured from indigenous people with the help of the government.
And what about the government subsidies from which the industry benefits? When the boom ends, industry enthusiasts are quick to fault the government for not prioritizing the sector's recovery.
There are a lot of good reasons to transition away from this industry.
It will be critical to consider the workers and families in the industry as we do so. The next economic arrangement should put workers, families and the environment first — and investors and corporate bigwigs last.
In short, we'd be better off without oil and gas, and I'd bet there are plenty of workers and families who'd love an economy based on more stable, just and environmentally friendly industries....3
Sean Craig writes on a report in the Lancet that wildfires, disease, food scarcity are what scientists predict in a grim century for Canada. The Lancet Countdown global report focuses, in particular, on burdens infants and children will face in the coming decades.
Researchers determined that, as they age into adolescence, the impact of air pollution will worsen for current infants and children if current trends continue. As they enter adulthood, extreme-weather events will intensify and become more common. For example, 152 out of 196 countries saw an increase in people exposed to wildfires in the past 15 years. They said Canada is not doing enough to mitigate these potential harms.
"Canada is not on track: in 2016, total Canadian GHG emissions were 704 (metric tons of carbon dioxide equivalent), an increase of more than 100 metric tons since 1990," the report reads. "Policies and measures currently under development but not yet implemented are forecast to reduce national emissions to 592 metric tons by 2030, 79 metric tons above Canada’s 2030 target... a goal which is itself too weak to represent a fair contribution by Canada to the emissions reductions necessary to meet the goals of the Paris Climate Change Agreement."4

The planet is warming. That warming is caused by GHG emissions. Our climate scientists and health care professionals understand that there are significant consequences for our life.
Profits over the Planet

The efforts of big oil have focused mostly on profits over the planet and the health of people.

References

1 
(2019, June 19). How climate change is thawing the 'glue that holds the ... - CBC. Retrieved November 13, 2019, from https://www.cbc.ca/news/canada/north/the-national-permafrost-thaw-inuvik-tuktoyaktuk-1.5179842 
2 
(2019, August 23). War On Our Future - YouTube. Retrieved November 15, 2019, from https://www.youtube.com/playlist?list=PLmB1tUgTXBErWp0_RlyZPvrVAE2i0cTkN 
3
(2019, November 15). 'It's pretty brutal, pretty unforgiving': Why the West should move .... Retrieved November 15, 2019, from https://www.cbc.ca/news/opinion/opinion-rylan-higgins-oil-patch-1.5358248 
4 
(2019, November 13). Wildfires, disease, food scarcity: scientists predict a grim century. Retrieved November 14, 2019, from https://www.nationalobserver.com/2019/11/13/news/wildfires-disease-food-scarcity-scientists-predict-grim-century-canada 

Wednesday, April 24, 2019

Ethics involved in crucial balance

The public good is advanced when we are vigilant about bringing to light practices in business, investing and climate change mitigation that may be in conflict with ethical values of truth telling, transparency, care for others, and care for the planet.
Consider the balance

When brought to light, these practices may be factually assessed to form the basis for our individual and communal response to ethical missteps. The Economist reports that even as concerns about global warming grow, energy firms are planning to increase fossil-fuel production. None more than ExxonMobil. The major oil companies are responding to incentives set by society. The financial returns from oil are higher than those from renewables.
 It would be wrong to conclude that the energy firms must therefore be evil. They are responding to incentives set by society. The financial returns from oil are higher than those from renewables. For now, worldwide demand for oil is growing by 1-2% a year, similar to the average over the past five decades—and the typical major derives a minority of its stockmarket value from profits it will make after 2030. However much the majors are vilified by climate warriors, many of whom drive cars and take planes, it is not just legal for them to maximise profits, it is also a requirement that shareholders can enforce.
Some hope that the oil companies will gradually head in a new direction, but that looks optimistic. It would be rash to rely on brilliant innovations to save the day. Global investment in renewables, at $300bn a year, is dwarfed by what is being committed to fossil fuels. Even in the car industry, where scores of electric models are being launched, around 85% of vehicles are still expected to use internal-combustion engines in 2030.
So, too, the boom in ethical investing. Funds with $32trn of assets have joined to put pressure on the world’s biggest emitters. Fund managers, facing a collapse in their traditional business, are glad to sell green products which, helpfully, come with higher fees. But few big investment groups have dumped the shares of big energy firms. Despite much publicity, oil companies’ recent commitments to green investors remain modest.1
Asher Schechter, writer and editor of ProMarket, the blog of Chicago Booth’s George J. Stigler Center for the Study of the Economy and the State, writes that it is time to rethink Milton Friedman’s argument that corporate managers should “conduct the business in accordance with [shareholders’] desires, which generally will be to make as much money as possible while conforming to the basic rules of the society, both those embodied in law and those embodied in ethical custom.”
 While agreeing with Milton Friedman’s premise that managers should care only about shareholders’ interests, Nobel Laureate Oliver Hart of Harvard and Chicago Booth’s Luigi Zingales reject the view that shareholders care only about money. A company’s ultimate shareholders are ordinary people who, in addition to caring about money, are also concerned about a myriad of ethical and social issues: they purchase electric cars to lower their carbon footprint; they buy free-range chicken or fair-trade coffee because they view this as the ethical—albeit more expensive—choice. They are, in other words, prosocial in their day-to-day life—at least to some extent. “If consumers and owners of private companies take social factors into account and internalize externalities in their own behavior, why would they not want the public companies they invest in to do the same?” Hart and Zingales ask.2
The graphic below demonstrates some compatibility between conservative ethics democracy and carbon tax.
Conservative carbon tax

On Earth Day 2019, faith leaders from across Canada came together to issue an urgent call to climate action.
 “In October 2018, the United Nations Intergovernmental Panel on Climate Change released a landmark report indicating that our global community has until 2030 to dramatically change course and avoid serious climate consequences,” says Willard Metzger, Executive Director of Citizens for Public Justice (CPJ). “Now, more than ever, we believe that it is important to amplify our shared laments and shared commitments, as people of faith, to work towards climate justice.”
“Throughout scripture we read of repentance, community, compassion, and renewal: from the Genesis call ‘to work and take care of [the Earth]’ through to the Psalmist’s celebration of ‘God’s handiwork’ and the rejoicing too of the trees; recalling the prophets’ devastation at the destruction of the land, but also the Epistle message of renewal and life eternal,” continues Peter Noteboom, General Secretary of the Canadian Council of Churches. “Ever-present in the Gospels, and central to our faith is Jesus’ resurrection and promise of new life.”
“Young people from all over the world are leading the way, speaking passionately from their hearts about the state of emergency created by climate change and the need for immediate action,” says Jennifer Henry, Executive Director of KAIROS. “Inspired and challenged by their commitment, we add our voices and we commit our action, deeply aware of the spiritual crisis we face.”3
Their collective message is clear: the global climate crisis has reached a critical stage and requires an urgent moral and spiritual response.


A new peer-reviewed study by government scientists and others was published in April in the journal, Nature Communications. Based on airplane measurements of emissions, the research suggests that government officials need to revise guidelines currently used to measure carbon dioxide emissions from the oil and gas (O&G) sector. In their research, scientists collected data showing that four major oil sands facilities in northern Alberta emitted far more pollution than what they actually reported.
 The study’s lead author, John Liggio, told National Observer that Environment and Climate Change Canada shared its findings with industry representatives over the course of several conference calls and they were receptive to working with the government to “get to the bottom of why there is this discrepancy."
The office of Environment and Climate Change Canada Minister Catherine McKenna said the federal government was working with emissions-intensive sectors like the oilsands to help them reduce pollution and operate more efficiently, while noting that the industry and government had previously been relying on internationally-accepted standards for measuring greenhouse gas emissions.
“While this is just one study, we are taking these findings seriously and will be reviewing them in light of Canada’s commitment to fight climate change and build a stronger economy,” McKenna’s spokeswoman Sabrina Kim told National Observer.
Kim added that Canada would continue to prepare its GHG inventory in accordance with the United Nations Framework Convention on Climate Change reporting guidelines in line with the international community.
While the oilsands industry — an economic driver for Canada — struggles to deal with selling a discounted product in an increasingly uneconomical landscape, it also faces stiff opposition from some Indigenous groups as well as municipalities, provinces and environmental groups to its efforts to promote the expansion of pipelines that would support growth.
Oilsands extraction is a costly process, requiring vast amounts of energy and water for each barrel of oil.
"The objective of limiting the increase in global temperature to <1.5 °C this century is dependent upon reducing anthropogenic greenhouse gas (GHG) emissions to net zero," said the study. "The large contribution of the O&G sector to global GHG emissions underscores the need for accurate sectoral GHG emissions in national inventories."
Canada's pledge to reduce greenhouse gas emissions that lead to global warming by 30 per cent from 2005 levels by 2030 will require a significant shift in the operations of the industry, which has also seen the retreat of global majors and a retrenchment in investment from those that remain amid stagnant prices, particularly for the heavy, sour crude oil of which Alberta has a surplus.4
Ethical standards are embraced by serious liberals, conservatives, people affiliated with religious organizations and most citizens of our countries. These ethical standards need to drive our actions in business, investing, and infrastructure transformation due to climate change.

References

1
(2019, February 9). The truth about big oil and climate change - The Economist. Retrieved April 24, 2019, from https://www.economist.com/leaders/2019/02/09/the-truth-about-big-oil-and-climate-change
2
(2017, December 7). It's time to rethink Milton Friedman's 'shareholder value' argument .... Retrieved April 24, 2019, from http://review.chicagobooth.edu/economics/2017/article/it-s-time-rethink-milton-friedman-s-shareholder-value-argument
3
(2019, April 18). On Earth Day, Canadian faith leaders issue urgent plea for climate .... Retrieved April 23, 2019, from https://www.kairoscanada.org/canadian-faith-leaders-issue-urgent-plea-climate-action
4
(2019, April 23). Oilsands lobby speechless as government scientists point to higher .... Retrieved April 24, 2019, from https://www.nationalobserver.com/2019/04/23/news/oilsands-lobby-speechless-government-scientists-point-higher-pollution