Originally published in the Calgary Herald on Nov. 26, 2024.
The energy transition may be underway in Alberta and the world, but that doesn’t mean the need for oil and gas is going away anytime soon.
“The energy transition is a long-term endeavour that will need to strike a balance between clean and traditional energy sources like oil and natural gas to enable it to happen successfully. It’s not an either/or scenario,” says Kirk Roworth, assurance partner and national energy leader for RSM Canada LLP, based in Calgary.
While clean energy will play a growing role in a low carbon economy, oil and gas remain an important source of energy for the economies of Alberta, Canada and the world. “The International Energy Agency predicts that oil and natural gas consumption will peak by 2030 worldwide, and it will taper off from there slowly,” he says.
“By 2050, under stated world policies, they still predict we will be using approximately 90 per cent of the oil and 105 per cent of the natural gas we used in 2023.”
RSM Canada is a leading consultant for many Alberta companies, including both oil and gas and clean energy companies, helping them navigate the transition while finding opportunities to grow their business.
“Pretty much every government on the planet is putting in some measures to try to incentivize companies to reduce their emissions,” Roworth says. “And we help them navigate the ever-changing world of grants, credits and incentives to access these funds for their capital projects.”
As well, many companies will soon be facing higher reporting standards regarding emissions and other environmental measures similar to financial reporting standards. Yet expertise in this relatively new field of corporate compliance is still evolving. That’s where RSM is helping, too.
“We certainly have a lot of experience doing traditional financial statement audits, but the world of ESG (environmental, social and governance) reporting is much more important today than ever before,” Roworth says.
“And it’s now something increasingly needed for not just large but also mid-sized companies because regulation is very shortly going to force more robust ESG reporting in addition to investors who increasingly are demanding it.”
RSM has a deep bench to assist clients large and small with these reporting needs, as well as helping them plan for today and the future, weighing the pros and cons of various business opportunities that are resulting from this new energy landscape.
This feature was created by Content Works, Postmedia’s commercial content division, on behalf of Calgary Economic Development.