The current energy crisis – marked by high oil, gasoline and natural gas prices – underscores the urgency of moving away from fossil fuel dependency, especially in Europe, while at the same time highlighting just how stubborn and important fossil fuels still are to energy security and the global economy.
“The world may be entering a period of profound energy scarcity,” said Joseph Calnan, an energy security analyst at the Canadian Global Affairs Institute (CGAI).
“Traditional energy companies are investing as if we are on track for the International Energy Agency’s (IEA) net zero scenario. Meanwhile, clean energy investment is not expanding enough to even meet the IEA’s stated policies scenario. We are potentially facing a global shortage of both traditional and renewable energy in the next decade.”
Despite Western Canada’s significant reserves of both oil and gas, it is in no position to ride to the rescue with…
