Canada’s status as an “energy superpower” is under threat because the global dominance of fossil fuels could decrease faster than previously believed, according to a draft report produced by Policy Horizons Canada, a federal government think-tank. Driving this very real future are two trends—renewables will become cheaper than fossil fuels and faster than anticipated and electric cars are now becoming fully competitive. CBC vetted the report with two experts, one in Alberta and the other in British Columbia, and both agree it presents a very plausible future scenario. It is also consistent with the consensus report from over 60 Canadian scientists about the long-term future for Canada with renewable resources.
Caution is, therefore, advised in long-term investments in pipelines and other oil and gas infrastructure. The report predicts these investments “could be at high risk of becoming economically unviable as prices in renewable electricity further decline.” It makes Minister Murray’s climate plan even more prescient than before and guaranteed to propel Ontario into an economically and sustainably viable future, as does Premier Notley’s. It will be interesting to see what British Columbia’s post Charter plan will be.