'Feels pretty good': Oil and gas investment in Canada to hit $40 billion in 2023, CAPP says
Up 11 per cent from last year, but still well off levels in 2014 when oil prices last boomed
CALGARY — Investment in oil and gas production in Canada will jump by 11 per cent to hit $40 billion in 2023, the country’s largest fossil fuel industry group said Wednesday.
PRINCE GEORGE, BC - February 28, 2023: A dozen Wet’suwet’en land defenders and supporters have applied to the Supreme Court of British Columbia to have criminal contempt charges stayed in light of widespread Charter violations stemming from police misconduct.
Canada’s greenhouse gas emissions rose 2.8% in 2021, and fossil fuels accounted for more than half of the total, according to an “early estimate” released today by the Canadian Climate Institute (CCI).
The Institute’s analysis shows emissions continuing to “decouple” from GDP, so that each unit of economic activity produces less climate pollution. But the country’s total greenhouse gas output increased by 19 million tonnes, to a total of 691 megatonnes, in a year when the economy was just beginning to restart after the COVID-19 pandemic.
Fossil fuel giant Enbridge faces the risk of a “death spiral” as the energy transition to renewables unfolds, according to evidence the company filed with the Ontario regulator. A death spiral could occur when customers, fed up with the increasing costs of gas, switch to cleaner and cheaper sources of energy.
Energy giant Enbridge is plotting a multibillion-dollar expansion to its gas network in Ontario that would lock the province into a fossil fuel future for decades to come.
Calgary-headquartered energy giant TC Energy took a $1.4-billion loss this past quarter, driven by the skyrocketing costs of the Coastal GasLink pipeline.
