Posthaste: How analysts say Canada could wipe out the CO2 emissions of its entire economy
Canada’s efforts to reduce greenhouse gas emissions have been laudable, but there is a way we could do so much more, says a report from National Bank of Canada.
So far efforts have been largely focused within our boundaries, but considering that Canada is responsible for less than 1.5 per cent of global emissions, these efforts could be for naught because other countries are increasing emissions by a far greater magnitude, says analyst Baltej Sidhu and associate Anh Le in the report.
“Emissions are global, they are not bound by geographical boundaries, as such, we proposed to reopen the conversation with a global tilt,” they said.
Canada once said that there was no business case for meaningful increases in LNG (liquefied natural gas) exports to support Germany and Japan, but National analysts hope India could be a different story.
The world’s most populous country is facing an enormous energy challenge as it attempts to modernize its economy and meet the needs of a population that is growing by more than 12 million a year.
India recently announced plans to double its coal production by 2030, which National estimates would increase its power sector emissions from coal to roughly the equivalent of Canada’s entire greenhouse gas emissions in 2021.
And emissions aren’t the only problem. India’s thermal power plants are estimated to consume 20-25 billion cubic metres of water a year, more than 50 per cent of the domestic requirements of a country already struggling with water scarcity.
National says there is a better way even if it means supplying India with a fossil fuel alternative.
“According to our latest calculations, we estimate that partially replacing India’s coal-fired power generation with Canadian LNG would have a
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