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A report by TD Bank suggests up to three-quarters of those working in the oil and gas sector could lose their jobs over the next three decades as Canada works toward its greenhouse gas emission targets.
Ottawa has set a goal of net-zero emissions by 2050.
The TD report says the government’s commitment is critical to avoid the worst outcomes of climate change, but the cuts will need significant action.
The report says that 50 to 75 per cent of those working in the oil and gas sector — or between 312,000 and 450,000 people — could be displaced by 2050.
It says the clean-energy transition will create new job opportunities, but there is no guarantee that those hurt will stand to benefit from the change.
The report says efforts and resources to cut emissions should be matched by efforts and resources to help workers displaced in the process.
Tim McMillan, the president and CEO of the Canadian Association of Petroleum Producers, says TD used an “extreme” scenario put out by the International Energy Agency to arrive at its conclusions.
“If you accept the scenario, this could be a reality. If I had a comment for TD, it would be maybe they be more responsible with how they articulate what scenario they are using and the likelihood of it,” he said on Wednesday.
CAPP uses the “base” scenario from the same agency, according to McMillan, which he says indicates substantial growth in oil and gas.
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