A Global Vision for the Future of Canadian Oil and Natural Gas
The future of Canada’s oil and natural gas industry is important to all Canadians, in all regions of the country, and for all types of businesses or organizations. Whether directly or indirectly linked to Canada’s oil and natural gas industry, you will recognize the significant economic contribution we make to the country. Investing more than $40 billion annually, we are the largest private sector investor in the country.
- The Future Energy Mix – Canada’s role to help meet the future global energy demand as the world’s population grows to 9.8 billion people by 2050. While renewable energy will play a larger role in the future energy mix, oil and natural gas will continue to account for 52 per cent of total energy demand.
- Climate Leadership and Innovation – Innovation and the adoption of cost-effective clean technology will ensure the future of sustainable development of Canadian oil and natural gas.
- Market Access – There is an opportunity to supply the world with Canadian oil and natural gas but without access to emerging markets, a streamlined regulatory system, and a competitive tax structure we risk losing capital to competing jurisdictions.
- Benefits – All Canadians benefit from a healthy and robust oil and natural gas industry. In 2015 the energy sector contributed more than $160 billion to the country’s gross domestic product, created more than 640,000 jobs, and invested $3.3 billion in 396 Indigenous businesses in 66 communities.
- Competitiveness – Competition for global capital investment is strong in other jurisdictions such as the United States, and competes with Canada for the same traditional markets. Although the U.S. is Canada’s largest customer, it has now become our largest competitor.