Russia provides roughly 10 percent of the world’s oil and about 45 percent of the natural gas used in the European Union. Russia also continues to invest billions to develop oil and natural gas resources—because it knows even with a transition to lower carbon fuel sources, the world will continue to need oil and gas for decades to come.
Canada, meanwhile has the world’s third-largest oil reserves and is the 6th largest exporter of natural gas. It has an opportunity to help displace Russian energy supplies with oil and gas produced responsibly: Canadian producers are committed to strong environmental, social and governance standards, with major investments to lower emissions. Should we encourage investment in Canadian oil and gas? What do you think?