In the next decade, the oilsands sector will need to not just stall, but reverse its trend of rising greenhouse emissions
In a 42-page report released by the commodity research firm S&P Global on Tuesday, Kevin Birn, the company’s chief analyst of Canadian oil markets, uses a series of charts and data points to demonstrate the gap between the oilsands’ current trajectory of increasing emissions and the reduction it needs to make in the next eight years.
As the report makes clear, overall annual greenhouse gas emissions in Canada have remained fairly level for the past 15 years at between 700 and 730 million tonnes. The two largest sources of emissions in 2019 were the oil and gas sector, accounting for 26 per cent, and transportation, accounting for 25 per cent.
Last week, Brad Corson, chief executive officer of Imperial Oil Ltd., called the plan “very aggressive,” saying it “stretches the capability of what is technically and economically feasible.” Birn notes in his report that 86 per cent of the oilsands’ greenhouse emissions come from “stationary combustionary sources,” such as heaters and boilers, which are considered well-suited for carbon-capture technology.
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