Canada is aiming for a net-zero climate goal in 2050. As gas and oil investment is fraught with increasing scrutiny globally, Canada is regarded as being particularly vulnerable in its progression to a lower carbon footprint.

Canada's 2050 Net-Zero Climate Goal

A much-anticipated report released yesterday by the International Energy Agency on how to transition the globe to a net-zero energy system by 2050 calls for a complete transformation of how we transport, produce, and consume energy.

Simultaneously, the report, Net-Zero by 2050: A Roadmap for the Global Energy Sector, distinguishes its preferred road to net zero as the one most technically practical, socially acceptable, and cost-effective.

Canadians would like clean water and air for their next generation. When firms pollute our natural environment, they experience the consequences. The Canadian government affirms that environmental good follows environmental damage through investing such fines in projects that positively impact Canadians and their communities, reported Cision Canada.

According to environmentalists, the International EnergyAgency report concludes investment in new fossil fuel sources should stop if the globe is to meet its climate goals. It reportedly has a strong message for Canada, but the government and industry indicate the goal is too challenging.

According to Chris Severson-Baker of the Pembina Institute, a clean-energy think tank, "We now have an analysis from the most authoritative energy body in the world that shows a direct link between a climate-safe future and a sharp decline in demand for oil and gas.

Within the decade, this will have a significant impact on the price and therefore production levels of oil and gas in Alberta," reported CBC.

COVID-19 has provided the industry and governments an opportunity to chart a different future. This future not merely drives economic growth but is socially and environmentally positive, reported EY.

The industry states it remains an important role to play as investments seem to begin progressing away from new fossil fuel projects in favor of innovation and research geared at reducing emissions.

According to Tim McMillan, president, and CEO of the Canadian Association of Petroleum Producers (CAPP), "CAPP encourages any groups who are redefining their investment portfolios to consider that investment in Canadian energy is a sustainable choice," reported The Epoch Times.

While dependent primarily on renewable energy, the road to a net-zero climate keeps an avenue open for nuclear. The report indicates it will make a significant contribution and provide an essential foundation for transitions.

The 224-page document suggests the climate vows made so far by the globe's governments, even if fully kept, will fall far short of what is needed to diminish carbon dioxide emissions to net-zero by 2050 and give the world a solid chance of limiting global temperature rise to 1.5°C. The temperature rise is the goal of the Intergovernmental Panel on Climate Change.

Darren Fisher, Parliamentary Secretary to the Minister of Economic Development and Official Languages, on behalf of the Honourable Jonathan Wilkinson, Minister of Environment and Climate Change, declared that the Canadian government will invest $4,499,737 in Clean Foundation's Youth Climate Action Now (YouCAN) project.

With this funding, partners in the Atlantic provinces and Clean Foundation will engage with 70,000 young people to empower them to take climate action in their communities and own lives.