Canada, the world’s fourth-largest oil producer, can be a key global supplier for years to come providing it sticks to promises to sharply cut emissions, the International Energy Agency (IEA) said on Thursday.
In its first review of Canada’s energy policies since 2015, the IEA said the country’s role as a major producer, consumer and exporter of energy presented “both challenges and opportunities” for reaching its decarbonization targets.
Prime Minister Justin Trudeau’s Liberal government has pledged to cut carbon output 40% to 45% below 2005 levels by 2030 and reach net-zero emissions by 2050. Energy makes up 10% of Canada’s gross domestic product, and oil and gas is responsible for 26% of the country’s greenhouse gas emissions, making it the highest-emitting sector of the economy.
