Russia’s war against Ukraine has brought debates about energy security to the fore. Some argue that Canada has an opportunity, even an obligation, to come to the rescue as a “responsible energy producer” to help stabilize global energy markets and reduce Europe’s dependence on Russian gas.
As sharp price spikes at gas stations demonstrate, the economic turmoil caused by the whims of ambitious dictators demonstrates the precarious nature of a global economy based on fossil fuels, even for countries like Canada that enjoy significant oil and gas reserves. While increasing global gas supply may be a short-term geopolitical necessity (albeit in a time frame Canada is ill-equipped to meet), the European conflict also highlights the urgency of accelerating the transition away from old sources of gas. climate-damaging energy.
The climate crisis is already affecting Canada in unique ways, from the melting of sea ice in the Arctic summer to the unleashing of devastating wildfires. Nowhere was this more terrifyingly real than in Lytton, BC, a city destroyed by forest fires last June.
Methane, the main component of natural gas, is a powerful greenhouse gas. Over a 20-year period, it is 80 times more powerful than carbon dioxide at trapping heat in the Earth’s atmosphere and is responsible for more than a quarter of the climate change impacts we are experiencing today. The federal government estimates Canadian oil and gas companies emit almost 1.5 million tons of methane each year.
The good news is that reducing methane from the oil and gas industry is the fastest, most available and most affordable single opportunity to reduce the rate of global warming. The bad news is that Canada is not taking full advantage of this opportunity.
Canada has set ambitious methane goals. In 2016, Canada is committed (along with Mexico and the United States) to reduce methane emissions from oil and gas by 40% to 45% by 2025. And the Trudeau government recently committed to reduce methane emissions from oil and gas in Canada by at least 75 percent by 2030. Late last year, Canada and more than 110 countries signed the Global Methane Commitment to further reduce methane from all sources (including oil and gas, agriculture, and waste).
These commitments are strong and necessary. But Canada and its oil and gas-producing provinces have not made enough progress in adopting policies that will put the nation on track to meet these ambitious methane targets.
what people are reading
a recent technical analysis of federal and provincial regulations indicates that we are not on track to meet the 40 to 45 percent reduction target, let alone the more ambitious 2030 target. studies have shown that Canada’s oil and gas industry is generating twice as much climate pollution as government estimates suggest.
Federal and provincial regulations do not match global best practices, including those found close to home in states like Colorado, New Mexico and California, states that are implementing more stringent but cost-effective policies to reduce methane leaks, vents and flares in oil and gas. supply chain.
Canada can, and must, do more.
Opinion: Canada and its oil and gas producing provinces have not made enough progress in adopting policies to meet ambitious and promised methane targets, write @DanGrossmanColo and Scott Seymour @EnvDefenseFund. #CutMethane #ActOnClimate #methane
While it is unclear whether Canada can do much to stabilize global energy markets in the short term, it can help stabilize the global economy and climate in the long term. Canada should invest in solar and wind power and electrify buildings and transportation systems along with the necessary workforce to accelerate the transition. And even more urgently, Canada needs to design and implement cost-effective policies to reduce methane leaks, vents and flares in the oil and gas supply chain.
Canada has a vital role to play in the world’s energy future. It’s time for the federal and provincial governments and the nation’s energy companies to meet this moment with real reform that benefits Canadians economically and environmentally. Together, these actions can help solve the climate crisis.
Or Canada may succumb to industry naysayers clamoring for the status quo.
To pass up this opportunity would be a transgression that future generations of Canadians simply will not forgive.
Dan Grossman is associate vice president for energy transition at the Environmental Defense Fund.
Scott Seymour is a Senior Research Analyst at the Environmental Defense Fund.