Saturday, May 11, 2013

Loosing the Markets for 'tar sands' Oil

Impact of EU value for Tar Sands equal to removing up to 7 million cars from Europe’s roads – study
May 7, 2013 - New evidence on the impacts of a proposed EU law devised to cut emissions from diesel and petrol production overturns claims by the oil industry that the law would not save greenhouse gas (GHG) emissions.

A study conducted by two consultancies (Carbon Matters and CE Delft) found that the potential price differential between tar sands and conventional oil, resulting from differentiating them based on their average production emissions under the EU’s Fuel Quality Directive (FQD), would shift investments from tar sands to lower-carbon oil sources, saving the planet up to 19Mt CO2 a year. This is equivalent to removing over 7 million cars from Europe’s roads every year.

The study was released in the same week that Canada’s Natural Resources Minister, Joe Oliver, pays Europe a visit to again heavily lobby against the environmental differentiation between conventional and unconventional sources of oil. Canada, whose tar sands are the world's third-largest proven reserves of oil, vociferously opposes EU’s climate action.

T&E clean fuels manager Nusa Urbancic said: “Scientific studies have repeatedly shown that tar sands are ultra-high carbon fuels. This new study demonstrates that the carbon intensity values will lead to additional GHG savings by sending a strong signal to investors that fuels made from tar sands are not compatible with Europe’s climate laws. This new piece of evidence should fuel Commission’s determination to stick to its original proposal.” read more>>>

Electronices Category

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