The Canada Energy Regulator said if emissions regulations successfully limit global warming to 1.5 degrees Celsius, fossil fuel use will drop by 65% from 2021 to 2050
New modelling from the Canada Energy Regulator suggests Canadian oil production will plummet by 2050 if the world achieves its Paris target of net-zero greenhouse gas emissions within that time.
That would prompt a collapse in global oil prices, to as low as US$35 per barrel by 2030 and US$24 per barrel by 2050.
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