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University Canada West *

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MISC

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Economics

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Nov 24, 2024

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docx

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Uploaded by SuperHumanZebra2109

1 Project Student’s Name Institution Affiliation Course Title Submission Date

2 Justification and Rationale of the Project The B.C. Oil & Gas Commission was found to be the most cost-effective strategy and to provide the best mix of financial, technical, natural, and financial improvement attributes to fulfill energy and capacity needs after a thorough investigation of the commission's portfolios. Greater contributions to GDP throughout development, a higher number of development employment, and fewer emissions of nursery gas and adjacent pollution would result from implementing the B.C. Oil & Gas Commission as opposed to alternative choices. B.C. Oil & Gas Commission is a steady and flexible resource that might eventually lend a hand to intermittent renewable era assets like wind and run-of-river hydro that are coordinated for growth. To ensure that British Columbians can keep reaping the advantages of hydroelectric power, which has been so valuable to our region for decades, energy corporations have proposed establishing the B.C. Oil & Gas Commission. For almost a century, the commission's regulated businesses would provide cheap, reliable, and environmentally friendly energy. Its reasoning, the panel says, supports a number of advantages. The alternative to providing clean, renewable electricity may be less expensive if the British Columbia Oil and gas Commission is put into place. Cost-effective, clean, and renewable control for residents, businesses, and industrial consumers should be proposed by the energy sector in order to execute the B.C. Oil & Gas Commission extension. With 1,100 MW of capacity and 5,100 GWh of annual energy, B.C. Oil & Gas Commission would build on British Columbia's hydroelectric tradition (Oduro et al., 2020). The Canadian Natural Evaluation Organization and the British Columbia Natural Evaluation Office, including a Joint Survey Board prepare, are conducting an independent natural appraisal on behalf of the British Columbia Oil & Gas Commission. Natural certification and other permits and endorsements from the B.C. Oil & Gas Commission have been

3 implemented, and building may now proceed. One of the most important parts of setting up the project will be holding meetings. Since before the year 2007 B.C. Validity of Energy Regulators For the purpose of comparing the B.C. Oil & Gas Commission's costs and benefits to those of other asset options, energy providers compiled several asset portfolios that would provide the same amount of usable energy for a similar price. The BCUC's Resource Arranging Rules and the results of a credible portfolio analysis are both useful tools for long-term asset arranging. For these investment portfolios, context is key, and that includes the administrative necessities of the Clean Energy Act. Three groups of doubts about easily available assets were used to construct the portfolios. Reports from the British Columbia Oil and gas Commission. The B.C. Oil & Gas Commission project is included in these plans, with the remainder of the energy and capacity gap being supplied by the use of renewable energy sources. These portfolios, known as the Clean Era Portfolios, were constructed using readily available clean or renewable assets. Energy assets (such as wind, run-of-river, and biomass assets) and clean capacity assets are used to replace the energy and capacity that the B.C. Oil & Gas Commission would provide in these portfolios. Energy providers are obligated by law to meet the current and future needs of their consumers. Bringing underutilized resources like large hydro projects into use involves extensive planning in advance because to the lengthy construction period and the need for plan development, partner participation, and administrative and regulatory paperwork. There is some uncertainty about when the energy sector will experience a scarcity of both energy and capacity, but the trend toward greater power use is clear. If there was an unexpected power outage in British Columbia, the consequences for the economy and for customers would be significant. That's why reliable

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4 resource availability during peak demand is so important to Energy businesses that they recognize the need for cautious planning. Environmental, Social and Macroeconomic Impacts and Justification for Approval Energy firms analyzed the portfolios' cost, specialization, environmental impact, and financial growth potential. Portfolios with and without the extension may be compared in terms of their UECs using a block analysis, with all monetary references made to 2013. The B.C. Oil & Gas Commission portfolios seem to have the lowest UEC compared to the other portfolios. Over the course of the businesses' lifespans, the Clean Generation portfolios would incur more expenses than the B.C. Oil & Gas Commission portfolios ( Aguilar-Hernandez et al., 2021) . The portfolios would have a lower cost of producing power than the B.C. Oil & Gas Commission portfolios, but only because of the use of warm era. Comparing the PV costs of different portfolios, taking into account the timing of assets, system operating costs, and benefit counting exchange, is what portfolio present value analysis is all about. Impact of Energy Management Initiatives Reduce operational costs The most notable impact of an energy management initiatives is that they may help save money on power bills by keeping track of and optimizing the usage of energy for various building systems (such as lighting, HVAC, ventilation, etc.). It helps administrators anticipate energy use and allocate funds for that expenditure by gathering data in that regard. This information may also be used to save time by doing things like making sure all the lights are turned off at the end of the day. Improve overall well-being and productivity

5 Unhappy employees are less productive than those who like coming to work. So, maintaining a comfortable temperature and enough illumination are crucial for maximizing output. An EMS allows for efficient control of interior climate and lighting without increasing either's energy footprint. The result is greater well-being and increased productivity. A similar reduction in sickness risk is achieved by ensuring adequate ventilation, lighting, and temperature. Optimize expenses A high energy cost may necessitate reducing spending in other areas, such as advertising, research and development, and so on. Your long-term prosperity will suffer as a result of your decision. The good news is that energy prices and waste can be cut with the help of some strategic planning and implementation of Energy Management programs. Your company will be able to redirect the savings to other areas, such as paying workers, advertising, etc. Build a positive brand image The goal of lowering one's carbon footprint is shared by all businesses today. The energy efficiency and waste reduction measures taken by businesses will reflect well on them. Fortifying ties with patrons, business associates, and possible financiers. Increase property value Adopting energy management initiatives significantly raises the resale value of your property if you own it and want to sell it in the future. This applies to both residential and commercial buildings. Both energy costs and maintenance costs are reduced by the technology. Increase ROI

6 The return on investment (ROI) of any major home appliance is a given. However, the return on investment (ROI) may be negatively impacted by wear and tear and energy leakage. One of the many uses of an EMS is to control the flow of electricity, detect power losses, reduce use during peak hours, etc. As a result, you get more value out of your appliances over time. Putting in place an Energy Management System is a smart financial move. These energy-saving technologies are flexible enough to be tailored to individual needs. Whether your goal is to save money or to lessen your impact on climate change, this is the best option available to you. Triple Bottom Line Approach One of the most difficult paradigm shifts for the global oil and gas sector is that of sustainable development (Elkington, 2018)). This research use the TBL, a framework associated with sustainable development, to clarify the social and environmental impact of this industry. The term is used to describe the positive effects of a financial decision for society and the environment as well as the bottom line (Hammer & Pivo, 2017). The Triple Bottom Line (TBL) idea was developed as a means of achieving broader sustainability goals inside a company. It proposes that economic, social, and environmental aspects of corporate operations be coordinated to maximize long-term success (Slaper & Hall, 2011). To contribute to the United Nations' 17 Sustainable Development Goals, companies are under growing pressure to take on social and environmental obligations across geographies and sectors (SDGs). Many oil and gas firms operating in developing economies are working to adopt the TBL sustainability framework (Ruka & Rashidirad, 2018). However, without a uniform or standard technique for computing the TBL or the metrics that make up each of the three TBL categories, this may be challenging. Although this may clarify why the idea is so challenging to put into practice, TBL theory suggests that this adaptability could be seen as a strength, allowing researchers to tailor the

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7 overarching framework to the specific requirements of entities, projects, or policies operating across jurisdictional boundaries. (Slaper & Hall, 2011). Energy technologies are now embedded in complex socio-technical and political systems, thus transitions to low-carbon pathways need to take these factors into account in addition to technological ones (Leach et al., 2010). Recent years have seen a policy shift in response to the rising notion of a green economy, which has the potential to alter traditional methods of societal and economic advancement. Efforts to lower carbon emissions and lessen the effects of climate change, as well as the creation of a low-carbon economy, have been important parts of this effort. Burning fossil fuels, biological materials, and certain chemical processes all contribute to atmospheric CO2 levels; the US Environmental Protection Agency (EPA) (nd.) estimates that greenhouse gas emissions account for 80% of all such CO2 levels. It follows that gas flaring is one of the most difficult environmental crises the world is now experiencing. To "flare" is to "burn off" natural gas in a managed way during the oil extraction process, thus the term's definition (Donev et al., 2018). The environmental and financial costs of flares are significant. Flaring is a waste of natural gas, a non-renewable natural resource that may be put to better use in economic activities that would contribute to the general welfare of society, and hence represents a negative externality associated with the extraction and production of petroleum (Banerjee & Toledano, 2017). Flaring of APG releases greenhouse gases, which are used as a metric of environmental performance in reports on the sustainability of oil and gas companies. (Infante et al., 2013). Socio-economic factors are also significant in TBL. Due to the fact that oil and gas projects provide the greatest return on invested money but also generate negative environmental externalities in the form of pollution, enterprises operating in the highly regulated oil and gas

8 sector are not expected to prioritize profits, or their sustainability (Heim & Romanov, 2020). Due to the monopolistic structure of the business and the requirement for oil and gas companies and governments to negotiate the conditions of their contracts from the outset, investors cannot easily switch to other firms whose earnings are not restrained by social concerns. Oil and gas firms are also subject to regional SEPs that try to redistribute high oil rents to local residents and businesses. (Heim & Salimov, 2020).

9 Aguilar-Hernandez, G. A., Rodrigues, J. F. D., & Tukker, A. (2021). Macroeconomic, social and environmental impacts of a circular economy up to 2050: A meta-analysis of prospective studies. Journal of Cleaner Production , 278 , 123421. Banerjee, S. D., & Toledano, P. (2017). A policy framework to approach the use of associated petroleum gas . Columbia Center on Sustainable Investment, Columbia University. Donev, J., Hanania, J., Heffernan, B., Jenden, I. J., & Stenhouse, K. (2018). Energy education – Flaring . University of Calgary. https://energyeducation.ca/encyclopedia/Flaring Elkington, J. (2018). 25 years ago I coined the phrase ‘triple bottom line.’ Here’s why it’s time to rethink it. Harvard Business Review , 25 , 2–5. https://hbr.org/2018/06/25-years-ago-i- coined-the-phrase-triple-bottom-line-heres-why-im-giving-up-on-it Heim, I., & Romanov, M. (2020). The Oil and Gas industry in Kazakhstan’s investment regimes. In I. Heim (Ed.), Kazakhstan’s diversification from the natural resource sector: Strategic and economic opportunities (pp. 31–53). Palgrave Macmillan. H eim, I., & Salimov, K. (2020). The effects of oil revenues on Kazakhstan’s economy. In I. Heim (Ed.), Kazakhstan’s diversification from the natural resource sector: Strategic and economic opportunities (pp. 55–81). Palgrave Macmillan. Infante, C. E. D. D. C., de Mendonça, F. M., Purcidonio, P. M., & Valle, R. (2013). Triple bottom line analysis of oil and gas industry with multicriteria decision making. Journal of Cleaner Production , 52 , 289–300. https://doi.org/10.1016/j.jclepro.2013.02.037

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10 Leach, M., Scoones, I., & Stirling, A. (2010). Dynamic sustainabilities: Technology, environment, social justice . Earthscan. Oduro Appiah, J., Opio, C., & Donnelly, S. (2020). Measuring forest change patterns from oil and gas land use dynamics in northeastern British Columbia, 1975 to 2017. Environmental Monitoring and Assessment , 192 , 1-18. References Ruka, A., & Rashidirad, M. (2018). Exploring the environmental strategy of big energy companies to drive sustainability. In Proceedings of ISER 119th International Conference, Kuala Lumpur, Malaysia, 1–2 April 2018 Slaper, T. F., & Hall, T. J. (2011). The triple bottom line: What is it and how does it work. Indiana Business Review , 86 (1), 4– 8. https://www.ibrc.indiana.edu/ibr/2011/spring/article2.html

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