To prepare the ground for the United Nations Climate Change Conference (COP26) in Glasgow, the International Energy Agency (IEA) has published its report World Energy Outlook 2021, which highlights four key measures to close the gap between current plans and the reductions needed to achieve carbon neutrality by 2050, also known as the ’emissions gap’.
At COP26, we will see nations measure themselves against these four imperatives. What is in place in Canada in these four critical areas?
Clean electrification
According to the IEA, accelerating the decarbonisation of the electricity mix is the most important lever and could close more than a third of the emissions gap. The federal government is committed to achieving a carbon neutral electricity system by 2035. At COP26, and as a founding member of the Alliance: Powering Beyond Coal, Canada has the opportunity to demonstrate his leadership. While the federal government’s commitment to phase out coal by 2030 is a critical step in the transition to the promised system, the source of energy provinces will use to replace coal-fired power plants will shape the industry. electricity for decades to come. It will also be a central pillar in the decarbonization of the transport, buildings and industry sectors – provided that alternatives to coal do not produce emissions. In addition, a switch to clean electricity when phasing out fossil fuels, the IEA notes, can protect consumers from the oil and gas price shock.
Energy efficiency
Electrification and energy efficiency go hand in hand to reduce greenhouse gas (GHG) emissions and manage increased demand for electricity. The IEA calls for a “relentless” focus on energy efficiency to reduce the energy intensity of the global economy by at least 4% annually between 2020 and 2030. Federal Liberals have pledged to launch a national strategy to make buildings carbon neutral; perhaps we will see the government in Glasgow present more details on the investments and measures necessary to achieve this goal. Achieving climate goals will also require improving energy efficiency in the industrial sector. In Glasgow, the government will also be able to take advantage of lessons learned by other countries on how to promote deep decarbonization of the industry. Managing the increased demand for electricity is key to keeping the clean energy transition affordable.
Methane emissions to be reduced
The IEA says rapid reductions in methane emissions (a powerful GHG) are essential to maintain a stable climate. Tackling methane in the oil and gas sector, which offers the most cost-effective reduction opportunities, could close the emissions gap of almost 15%. The Liberals pledged to reduce methane emissions by at least 75% from 2012 levels by 2030 and confirmed their support for the global methane pledge (which targets a 30% reduction in emissions of methane from oil and gas, agriculture and landfills by 2030). At COP26, Canada can build on these commitments to encourage others to do the same. It will also be the time to lay the foundations for close collaboration with the United States and to demonstrate the enormous benefit of cross-border initiatives for climate action.
Technological innovation
According to the IEA, half of the reductions to achieve carbon neutrality by 2050 will come from technologies that are now at the demonstration or prototype stage. The federal government has developed a strategy to integrate hydrogen into the energy mix and has promised a strategy on carbon capture, use and sequestration, which will play a role in decarbonizing industrial sectors such as cement, l steel, oil and gas.
To enable informed decisions in the oil and gas sector, Canada must first close an important gap. The IEA’s carbon neutral scenario, which offers a representation of a future in which the Paris target is met and fossil fuel use is dramatically reduced, has transformed the global energy conversation in recent months. However, the Canada Energy Regulator still does not include a similar scenario in its reports on the country’s energy future – an essential tool for analyzing the risks and opportunities associated with the transition to a global low-carbon economy. and the impact on the petroleum sector. Canada has some planning to do for this transition in energy markets, which is already well underway, and this profound economic transition by supporting sectors that are growing, not declining, and by focusing its policies on workers by including measures to equity and inclusion.
The importance of COP26 cannot be overstated. The next two weeks will test Canada’s ability to position itself as a climate leader and close its own emissions gap towards its 2030 reduction target.
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