Thank you for the question.
Limiting access to capital for oil and gas would be detrimental to the Canadian economy for a number of reasons. First, I'd start with global emissions. We see Canadian oil and gas companies as some of the most responsibly developed oil and gas globally. Substantive and meaningful efforts are under way right now to reduce emissions, both in the oil sands and the conventional oil and natural gas side of things. Notably, there's the commitment to net zero by 2050.
Recognizing that the global economy is going to demand energy under any forecasted scenario and is going to grow, Canadian oil and gas should be the preferred choice. In fact, we estimate that we would displace higher carbon-intensive fuels globally with Canadian oil and gas. If we were to eliminate financing for Canadian oil and gas, it would actually be a detriment to global emissions reductions.
Secondly, we would be challenged in terms of security of supply. As we can see through the crisis in Ukraine, security of supply is such a key issue. Enabling us as Canadians and as the oil and gas industry to support our allies by providing safe, secure and reliable sources of oil and gas over the foreseeable future will help displace foreign and more hostile sources of energy.
Thirdly, if we were to limit access to capital for the oil and gas industry in Canada, it would have a substantial detrimental impact on the Canadian economy. It will likely lead to significant issues with respect to energy affordability and compound our inflation challenges that we currently see.
Overall, those are the challenges we see. We see a significant benefit in Canadian oil and gas being able to meet energy needs for all of those reasons that I've just described.