Drilling for opportunity: geothermal, carbon capture and the Canadian energy industry

One of the greatest drivers of future change in the Canadian economy is the increasing desire of governments around the world to reduce their reliance on traditional carbon-based energy systems in favour of lower emitting alternatives. For decades, Canada has relied heavily on natural resource development, including oil & gas, heavy industry and transportation to fuel its economic growth. However, these sectors are also the source of a significant percentage of Canada’s greenhouse gas emissions and, considering the global desire to reduce emissions, there is no doubt that the coming years will usher in significant changes in each of those industries, among others. For example, Canada’s federal government has established a goal of reducing domestic greenhouse gas emissions by 30 percent below 2005 levels by 2030 and recently committed to exceed this target and achieve reductions of 40-45 percent below 2005 levels by 2030. In addition to this medium-term goal, the federal government has committed to a net-zero emissions target by 2050 and many provincial governments have established their own emissions reduction targets.

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This article was first published in the October 2021 issue of Financier Worldwide magazine. ©2021 Financier Worldwide. All rights reserved.