Last month, Alberta didn’t just announce it had transitioned entirely off coal as an energy source; the province kicked the fossil fuel six years ahead of a wildly ambitious schedule. The scale of achievement this represents defies exaggeration—and contains a warning for oil fans everywhere. […] what happened to coal is coming for oil next.

Virtually every major analyst that isn’t an oil company (and even some of them, like BP) now expects global demand for oil to peak around 2030, if not sooner; McKinsey, Rystad Energy, DNV, and the International Energy Agency all agree. This places Canada in a uniquely vulnerable position. Oil is Canada’s biggest export by a mile, a vital organ of our economy: we sold $123 billion worth of it in 2022 (cars came in second, at just under $30 billion). Three quarters of that oil is exported as bitumen—the most expensive, emissions-heavy form of petroleum in the market and therefore the hardest to sell. That makes us incredibly sensitive to fluctuations in global demand. Think of coal as the canary in our oil patch.

  • rbesfe
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    5 months ago

    Every country is different, and they all have their economic strengths. Ours happens to be relatively environmentally conscious resource extraction, and if we stop then that just drives demand towards other regions where things aren’t done to the same high standards.