WINNIPEG, Manitoba/CALGARY, Alberta (Reuters) – Canada has set ambitious targets for slashing emissions to fight climate change, but faces a stiff challenge: not only is its economy dependent on oil production, but the Canadian oil industry’s carbon emissions are among the world’s highest for every barrel of oil it pumps.
The Canadian oil patch exemplifies the most vexing problem of the energy transition. In the long term, Canada needs to cut its dependence on the energy sector that accounts for 10% of its economy, as the world moves away from planet-warming fossil fuels. In the short term, Canada needs to clean up the process of extracting oil to comply with national emissions targets.
