These statistics clearly show how energy is required to improve global living conditions. Mr. Slubicki reminded us that the debate around replacing energy supplies, which takes place from a position of energy abundance, is a debate based on arrogance. All energy sources are required to lift significant parts of the world out of poverty so that all of its citizens can enjoy the lifestyle we take for granted in Canada. Given our circumstances of geography, climate and population density, Canadians consume an average of 67 BOE annually, which is the highest in the world. Beyond this, our industries, which supply need products to the world, use energy intensively.

 

Turning his attention to renewables, Mr. Slubicki described the rapid advance of renewables. However, despite an impressive 14 percent growth rate in adoption in each of the past fifteen years, renewables still account for only a small fraction of energy supplies. Beyond this, the impressive growth in renewables is not keeping pace with the growth in oil, natural gas and coal consumption. He also indicated that while nuclear energy has an important role to play, and will inevitably increase, the potential for hydroelectric growth is limited as most of the suitable rivers for generating hydropower have already been dammed. Therefore, it is essential to distinguish between the physical impossibility of a no-carbon world with a "low carbon" world, which is a worthy objective.

 

Mr. Slubicki pointed out that achieving a low carbon society requires much higher energy efficiency than is the case at present where 68 percent of the energy we consume is rejected to the environment, chiefly as heat. Expounding on the idea that current energy policies are not sustainable, he quoted the nineteenth-century economist William Stanley Jevons who observed that technological innovations that increase energy efficiency lead to increased consumption. The best example of this is that low fuel costs lead to consumers driving larger vehicles, such as SUVs.

 

On the subject of emissions, Mr. Slubicki described how 86 percent of natural gas emissions and 82 percent of oil and gas emissions result from the personal decisions of individual consumers. These emissions completely dwarf those of production, transportation to markets and manufacturing.

 

He concluded his presentation with his thoughts on the limited investment options facing oil and gas investors. Referring to the well-funded campaigns to deny Canadian oil and gas companies access to equity markets, borrowing sources and insurance, he reminded us that Canada continues to have the best track record in environmental protection, first nations consultation, health and safety standards, labour laws, gender equity and human rights standards. He finds it frustrating that our best in the world energy industry, and the country as a whole, continue to be denigrated by groups pursuing their self-interest. He encouraged Canadians to stand-up for their energy sector, referring to getting any project built as a "Canadian moonshot." He quoted a Shell executive as saying that getting a Canadian LNG project to a final investment decision is as hard as landing a man on the moon. In contrast to the eight and a half years that it took NASA to land Apollo 11 on the moon, it appears the Shell LNG facility will take a minimum of fourteen years to come to fruition. His parting question was whether Canadians could regain the courage to build.

 

Dave Macdonald thanked Chris Slubicki for his information-packed presentation.