Canada shouldn’t exit oil and gas – we can’t electrify everything overnight
Kevin Krausert is the CEO & co-founder of Avatar Innovations Inc., Canada’s first energy transition corporate venture studio.sector is on a roll. Record profits, soaring share prices, robust production. It hasn’t always been this way. Canada’s energy industry only recently emerged from one of the longest and harshest downturns in its history. And given the cyclical nature of oil and gas, it’s a safe bet there are good and bad times ahead.
Global scientific, governmental and industry groups agree the world must move to net-zero GHG emissions by 2050. They also agree that to get us there, trillions of dollars of investment in the energy system are required every year – including in oil and gas.
Second, investment capital will flow to wherever it can get the best return, as it should. Through programs such as the federal investment tax credit for new carbon capture, utilization and storage projects, Canada is moving in the right direction, but not nearly fast or far enough for us to compete. Far more generous government support in other countries, such as incentives in the recently passed U.S.
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