Canada is one of the largest producers, exporters and consumers of energy in the world and it must prepare for the time when oil will no longer be the dominant energy in the world, says the International Energy Agency, in its portrait of the Canadian energy situation published on Thursday.
Posted at 4:21 p.m.
Canada is one of the few oil-producing countries that is a member of the IEA, which mainly includes energy importers. In its 261-page review, the first since 2015, the agency notes that Canada enjoys some of the cheapest energy prices in the world, whether for oil, natural gas or electricity. While electricity is mainly produced by renewable sources, oil from the oil sands is a major emitter of greenhouse gases.
“Due to the significant weight of fossil fuel production in its economy, Canada must take into account and put the population at the center of its energy transition efforts”, notes the executive director of the IEA, Fatih Birol, in his introductory remarks.
The Canadian Minister of Natural Resources, John Wilkinson, was delighted that the IEA recognized Canada’s progress in the fight against climate change in its report.
“This report highlights Canada’s ambitious efforts and historic investments to develop pathways to achieve carbon neutrality by 2050,” commented the Minister.