A thread on the prospects of an oil patch bailout:
We can’t forget that the oil patch & its lobbyists have consistently resisted & fought fair & robust #climateaction policies. They are now seizing on #COVIDCanada to argue for delay or dilution of these policies. 1/ #cdnpoli
The @IEA makes the case that the oil & gas sector can & must play a critical role to play in #EnergyTransition iea.org/reports/the-oi… (I’m convinced in theory, but skeptical based on evidence & experience to date).
So any federal bailout MUST have strings attached that compel 2/
…or coerce recipients to do much more to cut their pollution. We need to shift from a mantra of “no barrel left behind” to one in which no oil worker or region is left behind as we reorient and rebuild our energy sector with a focus on clean energy. 3/
The good news? This can be done in ways that leverage the oil patch’s core competencies (drilling for geothermal, petrochemistry) toward new products, from carbon fibre to lithium to hydrogen. medium.com/@EnergyFutures… Focus on new value, not new volume. 4/
The stark reality is that Canada’s traditionally strong oil and gas sector is confronted with both cyclical and structural change. It will never return to its halcyon boom days of the early 2000s. While it may be tempting to try to rebuild the past, 5/
we must be realistic and build for the future that’s clearly in front of us. As @tomrand writes in his new book, The Case for Climate Capitalism, “looking in the rearview mirror is not the best way to gauge where you’re going.” 6/
The @IEA has noted “The coronavirus crisis is already doing significant damage around the world. Rather than compounding the tragedy by allowing it to hinder clean energy transitions, we need to seize the opportunity to help accelerate them.” iea.org/commentaries/p… 7/
Putting clean energy at the heart of stimulus & recovery plans is essential. That doesn’t preclude help to the oil patch & its workers, but it must shape it. Doing so will do far more to support the patch and the provinces who have come to rely upon it than a BAU bailout. 8/8
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