I spend an awful lot of time with the International Energy Agency's executive director, Fatih Birol, and sit on a special commission that he and I helped set up, the global commission on a people-centred recovery. It basically comes down to something I've said before at this committee is a priority of mine: inclusion—the inclusion of energy-producing provinces like mine here in Newfoundland and Labrador, and of the workers who work in the oil industry here in this province, as well as in Alberta and Saskatchewan.
The pandemic has fundamentally changed things. There are shifts happening here in Canada, around the world and in the markets that point to very clear signs. The normal of the past won't be the normal of the future. Lowering emissions, low-emitting energy—that's the ball game. The IEA, in its “Oil 2021” outlook, forecasts a dramatic downward shift in expectations for oil demand over the next six years. Oil production capacity will slow. Today, we're seeing investment in expansion plans being scaled back around the world.
One of the few areas where demand will grow will be Asia, which is great news for our investment in TMX. Oil will continue to be part of the mix, but it will be a declining part of the mix. The world is moving in a new direction. Not leaving any energy worker behind means that Canada has to be at the forefront of that effort in investing in new technologies, in the fuels of the future and in carbon capture, hydrogen, biofuels, SMRs and renewables. Like the late Walter Gretzky said, you “skate to where the puck is going”.
That's how we double down on our common mission. That's how we get to net-zero emissions by 2050. That's how we keep growing the economy and keep a prosperous economy creating good jobs and a low-emissions future that leaves no one behind. I emphasize that last point emphatically.