WATERLOO, ONT.—Canada’s dependence on fossil fuels is a blessing and a curse: the oil and gas sector currently deliver massive economic benefits but with an environmental sting that will preclude its expansion as the global targets for greenhouse gas emissions tighten. The decision by Canada’s Supreme Court, confirming the federal government’s authority over the carbon tax legislation is helpful, welcome, and a necessary step albeit not sufficient to release us from continued dependence of an economy based on fossil fuels. Can we create a future with ‘zero fossil fuels’ dependence by 2050? This is a broader question beyond emissions targets and carbon pricing that frames the need for urgent action through multiple lenses: technological innovations, markets, capital investment flows, and recognition that fossil fuels will become a product of last resort soon.
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