Thank you, Mr. Speaker. Good morning, colleagues. Recent articles in the prestigious Nature science journal show that in order to salvage even a 50 percent chance of stopping dangerous climate change, as mentioned by my colleague Mr. Nadli, most of the untapped fossil fuels worldwide need to stay in the ground. Specifically, 80 percent of known coal reserves, 50 percent of gas and 30 percent of oil reserves must be left untapped over the next 40 years to keep to the internationally agreed upon limit of a two degree increase in average global temperature.
With additional study and taking into account regional costs of extraction, researchers determined how and what regions must reduce their fossil fuel production. They calculated which resources could be extracted the most effectively. Results show all of the current producers must make sacrifices, a painful move for countries that are economically depending on fossil fuel resources.
It’s particularly bleak for Canada and the North. The researchers found that extraction of Arctic fossil fuels must be completely avoided with essentially all of our hydrocarbons left untouched. None of the oil or gas reserves in the Northwest Territories make the cut.
What happens if these stranded reserves are burned? Dr. McGlade, an author of the Nature article, says things get “worse and worse as we head towards higher temperatures.” Without effective action, we are heading for four or five degrees rise right now. A two-degree rise is dangerous, but the effects of a three-degree rise are terrible. The differences thereafter are catastrophic. With more pronounced effects on weather, we risk hitting tipping points that will cause runaway climate change with severe implications for civilization as we know it.
Here in the Northwest Territories we are seeing cumulative climate change impacts already with exceptional drought, fire and shipping-related costs of over $100 million so far this year. Despite these facts, our Premier and Cabinet are off touting hydro carbon development to the world, putting out calls for exploration and exploitation and developing fracking protocols. They must know this means committing our land and our people to the most weak and vulnerable form of economic development, resulting in the destruction of our communities, our economy and our future.
Mr. Speaker, I seek unanimous consent to conclude my statement. Mahsi.
---Unanimous consent granted
