Energy NL pleased lower carbon oil is part of government’s 2030 Emissions Reduction Plan
The Government of Canada on Tuesday released the 2030 Emissions Reduction Plan, which included emission reduction targets for the oil and gas sector and support for renewable energy.
Energy NL looks forward to learning more about and contributing to the plan through the upcoming consultation process.
“I was extremely pleased that lower carbon oil was referenced by the Prime Minister during his announcement of the plan and that lower carbon oil is also referenced within the plan,” said Energy NL CEO Charlene Johnson. “While there is consultation to come with industry, I believe that was a signal that the oil offshore Newfoundland and Labrador will have a role to play as our oil is a lower carbon product which should be used to help meet global demand. When combined with our potential for wind, hydrogen and carbon capture, utilization, and storage, Newfoundland and Labrador will be at the forefront of the energy evolution.”
The 2030 Emissions Reduction Plan outlines a sector-by-sector path for Canada to reach its emissions reduction target of 40% below 2005 levels by 2030 and net-zero emissions by 2050.
The plan includes a projected contribution from the oil and gas sector of emission reductions to 31% below 2005 levels in 2030 or to 42% below 2019 levels. The 2030 Emissions Reduction Plan also includes developing a carbon capture, utilization, and storage (CCUS) strategy, funding to support achieving the broad emission reductions targets, and supporting renewable energies such as electricity.
“While there have been preliminary discussions and there is work to come, I am pleased to see recognition of our valuable low carbon resource,” Johnson said. “Getting to net zero does not mean zero oil or gas, at least not for the foreseeable future. There is going to be a varied energy mix at play globally and oil and gas will play a leading role. No doubt the federal government plan is ambitious, but so are our members and I believe we will be a valuable contributor to the global energy mix.”
