‘Diversification’, not ‘transition’, the future of energy, says Cenovus CEO

The CEO of Cenovus Energy Inc. says he believes the future of energy will be less about transition and more about diversification.

Alex Pourbaix says the conflict between global energy demand and the need to reduce emissions to mitigate climate change is the biggest issue facing the oil and gas industry in 2022.

He says the war in Ukraine and the resulting global energy crisis have proven that oil and gas cannot easily or quickly be replaced by wind and solar.

He says that instead of a fossil fuel phase-out, the next three decades will likely present a diverse energy mix including oil and gas, but also hydrogen, renewables and nuclear power.

Pourbaix spoke Tuesday in Calgary at the Global Energy Show, one of the largest energy conferences in North America.

It’s the first time the show has taken place in person since before the COVID-19 pandemic, and more than 30,000 people from around the world are expected to attend this week.

This report from The Canadian Press was first published on June 7, 2022

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