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Furey, O’Regan Defend Local Oil Industry Following IEA Report on Immediate Halt to Investment

The International Energy Agency says investment in new fossil fuel projects must halt immediately if global climate goals are to be met.

That’s at odds with the province’s plans to leverage oil and gas revenue to transition to a green economy. The strategy is outlined in the recent Economic Recovery Team report.

Premier Andrew Furey defended the local industry when questioned during yesterday’s COVID briefing.

“Newfoundland and Labrador is uniquely positioned,” says Furey, “in having the ability during this time of transition to really exercise the value of our lower carbon footprint oil and gas while it’s still valuable.”

Meanwhile, the federal government says there is no question about the direction we need to head in when it comes to a green future.

Natural Resources Minister Seamus O’Regan says the transition from fossil fuels is about lowering emissions. He says that transition needs to happen effectively and urgently, but orderly, by not leaving the oil and gas sector behind.

O’Regan says when the IEA puts out a report like this, it shakes the provinces that rely on oil and gas and the markets themselves. He says it’s clear where the future of the sector is going, and it must be taken seriously.

He says at the end of the day, Newfoundland and Labrador will not switch off oil overnight.

Source: VOCM| This text was excerpted from the media outlet cited on May 20, 2021 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia.