“It’s a creating a transformation point and a transformation process. This force of climate change is not going away,“ Joseph Stanislaw said in an interview Tuesday.

“The conventional oil end game has started. The nature of the business is changing.“

Stanislaw, the co-founder of Boston-based Cambridge Energy Research Associates Inc. and a former senior economist with the Organization for Economic Co-operation and Development in Paris, believes Canada has already become a global energy superpower.

“You sit in a very pretty position. Where is access to conventional and non-conventional reserves? Canada. And, you’re sitting on a very strong technological position.“

Nonetheless, Stanislaw, the keynote luncheon speaker April 30 at the Deloitte LLP 2007 Oil & Gas Summit, says Canada also needs to become a leader in dealing with climate change and its implications.

“It is going to bring changes to the industry as we know it and with that opportunities,“ said Stanislaw. “The realization is that not addressing climate change, and alongside it energy security, will limit growth.“

Greg Stringham, vice-president of the Canadian Association of Petroleum Producers, said many Canadian firms have seen the signs and are reacting appropriately.

“Canada has certainly been a rising star in the global energy market,“ said Stringham.

“It’s seen as one that is very reliable and very stable ... and by environmental groups as not staying back and doing nothing, but certainly moving ahead with environmental policies on climate change.“

Stanislaw believes that Canada’s most successful firms--inside the energy sector and outside it--will be the ones that sense and pursue the profitable opportunities climate change challenges represent.

“All industries are going to face these and all consumers are going to face these. Many people believe that ’industry has to pay.’ Consumers also will pay,“ Stanislaw said.

“This is a real issue. Companies have to address it in order to be sustainable. Their business objectives have to be how can I address the problem and make money doing it.“

He cited examples of profitable climate change management, such as carbon dioxide sequestration. The technology cannot only reduce the environmental impact of energy production but also enhance oil and gas output and reduce costs at the same time.

“The opportunity here, is to take your technology lead--which exists--in enhance oil oil recovery to really work on the economics of CO2 sequestration and capture. It’s a real opportunity.“

A key dimension of dealing with climate change will be finding ways to price and cost carbon, said Stanislaw, who shied away from suggesting a carbon tax, a concept that has faced fierce opposition here in Alberta, Canada’s energy heartland.

PIN/ CANADA.COM