Thank you for the question.
Obviously, I'm a scientist—a natural scientist, not an economist—but because of working with the NZAB for so long, I've followed the research on the economics and what's happening globally for the past five or six years. One of the things that I think is just so important for Canadians—for everyone here in the committee but also for Canadians writ large—to understand is that the conversation we have in Canada, in the media, etc., about energy is divorced from the international conversation. Anyone who has attended an international climate conference and sat through a lot of sessions would see this.
For the International Energy Agency, which is a very conservative group, for years their fossil fuel projections typically have overestimated fossil fuel demand. In their scenario that's on stated policies, they have oil demand peaking by 2030, and they have gas demand peaking by 2035. Now, that is just based on existing policies that governments have going on around the world. That was from last year. It does not include the impacts of the war. As I've mentioned, they tend to overestimate fossil fuel use.
That is the reason that bodies like the NZAB were warning that an overreliance on oil and gas for the future of Canada is going to be a risk. Trying to make the major projects heavily reliant on a pipeline or new LNG facilities.... They all risk being stranded assets. It's not just an economic issue. It's a jobs issue, because we make people's lives dependent on something that maybe isn't going to survive going forward.
When I was a student back in the 1990s when I was first in graduate school—which I started in the mid-1990s—and I was studying climate change, we were told that solar and wind.... I'll pause there. I'll just say that there's a revolution on clean energy going on and Canada is not a part of it, and it's a problem.