Setting the Pace: The economic case for managing the decline of oil and gas production in Canada

The report asserts that the Canadian oil and gas sector is ill-prepared for an inevitable drop in global demand, which is being accelerated by climate action and shifts in energy markets. It argues that 'business as usual' is no longer viable and recommends that the federal government implement a four-part strategy: strengthening climate policies and the Sustainable Jobs Action Plan, supporting subnational and Indigenous economic diversification, aligning fiscal policy by eliminating fossil fuel subsidies, and exploring federal tools to end production expansion.

• The Canadian oil and gas sector is facing an inevitable decline because global demand is shifting away from fossil fuels, leaving the industry poorly positioned to handle the drop in demand.
• Recent volatility and high prices caused by the Russian invasion of Ukraine created windfall profits that have led to renewed interest in expanding Canadian oil and gas infrastructure, but this boom is temporary.
• To mitigate risks to regions, communities, and workers, the federal government should eliminate fossil fuel subsidies and public finance to ensure taxpayer money does not artificially prolong production.
• The report recommends that the federal government use its jurisdiction to end the expansion of oil and gas production and collaborate with subnational governments on the regulation of interprovincial and international pipelines.

APA

Norton,, N. D. C. C. T. C. C. (2023). Setting the Pace: The economic case for managing the decline of oil and gas production in Canada. International Institute for Sustainable Development. https://www.iisd.org/publications/report/setting-the-pace-canada-oil-gas-decline

Chicago

Norton,, Nichole Dusyk,Aaron Cosbey,Angela Carter,Lasse Toft Christensen,Laura Cameron,Sarah. Setting the Pace: The economic case for managing the decline of oil and gas production in Canada. International Institute for Sustainable Development, 2023. https://www.iisd.org/publications/report/setting-the-pace-canada-oil-gas-decline.

Wikipedia

{{cite report |last1=Norton, |first1=Nichole Dusyk,Aaron Cosbey,Angela Carter,Lasse Toft Christensen,Laura Cameron,Sarah |title=Setting the Pace: The economic case for managing the decline of oil and gas production in Canada |publisher=International Institute for Sustainable Development |date=27 June 2023 |url=https://www.iisd.org/publications/report/setting-the-pace-canada-oil-gas-decline |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{norton2023setting, author = {Norton,, Nichole Dusyk,Aaron Cosbey,Angela Carter,Lasse Toft Christensen,Laura Cameron,Sarah}, title = {{Setting the Pace: The economic case for managing the decline of oil and gas production in Canada}}, institution = {International Institute for Sustainable Development}, year = {2023}, month = jun, url = {https://www.iisd.org/publications/report/setting-the-pace-canada-oil-gas-decline}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }