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Initial findings indicate that a peak in absolute emissions—expected to begin later this decade—could occur sooner than previously estimated CALGARY, AB, Aug. 9, 2023 /PRNewswire/ — Absolute greenhouse gas emissions from Canadian oil sands production were flat in 2022 even as total production grew, according to an initial analysis by S&P Global Commodity Insights. The finding marks the first time since 2009—the earliest year that S&P Global Commodity Insights estimates such data—that absolute emissions did not rise absent a major market disruption and decline in overall production. Absolute emissions held steady at 81 million metric tons of carbon dioxide (MMTCO2) in 2022 while total production topped 3.1 million barrels per day (b/d), a gain of more than 50,000 b/d.* “The Canadian oil sands have demonstrated a consistent trend of reductions in GHG intensity for the past decade,” said Kevin Birn, Vice President, Canadian Oil Markets Chief Analyst, S&P Global Commodity Insights. “The pace of production growth has historically outstripped the intensity improvements. That emissions held steady even as production grew is a significant first.” The S&P Global Commodity Insights Oil Sands Dialogue analysis finds that the GHG intensity of oil sands production fell to 67 kilograms of “carbon dioxide […]
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