Podcast: Why Oil And Gas Will Still Be An Important Sector In A Net-Zero Economy
Charlene Johnson of the Newfoundland and Labrador Oil & Gas Industries Association (Noia) says don’t give up on the oil and gas industry just yet. She says it’s a critical part of global efforts to reach net-zero greenhouse gas emissions by 2050 and an important economic driver in the Atlantic region going forward.
Founded in 1977, Noia is the largest offshore oil and gas industry association in the country with more than 460 members, including petroleum companies, trade associations, educational institutions and government bodies and agencies at the municipal, provincial and federal levels.
Many Canadians assume the world needs to phase out the use of fossil fuels in favour of cleaner energy sources that will reduce greenhouse gas emissions. On the “Insights” podcast this week, she tells Don Mills and David Campbell that nothing could be further from the truth. She says a sector that still employs thousands of people in Newfoundland and Labrador and accounts for 25 percent of the province’s GDP will be part of the solution, not the problem.
“The demand for oil is going to be around for a long time yet,” says Johnson. “We are all very focused on net-zero by 2050. But net-zero does not mean zero oil and gas…It’s still going to make a large part of the portfolio (of energy sources)…It’s all forms of energy on deck meeting the demand that is there.”
Johnson says the industry is undergoing a transformation to produce fossil fuel energy sources in a more sustainable way.
This is the fourth in a series of four conversations around the development of economic clusters in the Atlantic region.
Last week, Mills and Campbell spoke with Melanie Nadeau of the Centre for Ocean Ventures and Entrepreneurship (COVE) about the growing blue economy sector in the region.
On the September 30th episode, they chatted with Tyson Johnson of CyberNB about how his organization is helping foster a cluster of cybersecurity firms, researchers, and post-secondary education in New Brunswick.
On the September 23rd episode, they spoke with Rory Francis of the Prince Edward Island BioAlliance about the province’s biosciences cluster. It boasted 60 firms, 2,200 employees, and more than $300-million worth of exports in 2020.
The “Insights” podcast combines the experiences of an economist, David Campbell, and a social scientist, Don Mills, to explore the challenges and opportunities facing Atlantic Canada, to promote data-driven decision-making among policymakers, and to encourage a wider dialogue and debate leading to greater prosperity for the region.
Previous episodes in the series:
- Melanie Nadeau On The Rise of the Blue Economy
- Tyson Johnson On How N.B. Can Secure Its Share Of 3.5 Million Worldwide Cybersecurity Jobs
- Rory Francis Talks About How Bioscience Will Become A Billion-Dollar Sector In P.E.I.