Trudeau Government Orders Canadian Oil & Gas Firms To Cut Emissions
By Charles Kennedy - Nov 04, 2024, 12:30 PM CST
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Canada is unveiling on Monday its plan to cap emissions from the most polluting sectors, including a requirement for oil and gas operators to reduce their greenhouse gas emissions by one-third by 2032.
At the end of last year, Canada’s federal government introduced a draft framework to cap pollution from the oil and gas sector to reduce emissions.
The plan proposes to cap 2030 emissions at 35% to 38% below 2019 levels while providing compliance flexibilities to emit up to a level about 20 to 23% below 2019 levels.
The government has said that it would publish the final version of the legislation by the end of 2024.
In the plan expected to be published in detail later on Monday, the government would be seeking to force oil and gas producers to have their emissions decline by 35% compared to 2019 levels sometime between 2030 and 2032.
“I think everyone should do their fair share,” Canada’s Environment Minister Steven Guilbeault told The Canadian Press in an interview ahead of the news conference to announce the plan.
“I think most Canadians — even those that aren’t my biggest fans — would agree that it’s not OK for a sector to not be doing its share, and that’s mostly what this regulation is about,” Guilbeault added.
The minister told The Canadian Press that the emissions reduction plan would face a backlash, but that the government is committed to advancing its climate goals.
The chief executives of Canadian oil sands producers have already spoken against plans by the federal government to impose a cap on emissions from oil and gas production.
Separately, the Business Council of Canada issued a statement on Monday, saying that “At a time when Canada’s economy is stalling, imposing an oil and gas emissions cap will only make Canadians poorer. Strong climate action requires a strong economy. This cap will leave us with neither.”
“Today’s announcement ahead of the U.S. presidential election also sends the wrong signal to our most important trading partner that looks to Canada as a secure and reliable source of energy,” the council added.
“A de facto cap on oil and gas production would restrict cross-border energy trade and harm our shared economic and security interests.”
By Charles Kennedy for Oilprice.com
Canada is unveiling on Monday its plan to cap emissions from the most polluting sectors, including a requirement for oil and gas operators to reduce their greenhouse gas emissions by one-third by 2032.
At the end of last year, Canada’s federal government introduced a draft framework to cap pollution from the oil and gas sector to reduce emissions.
The plan proposes to cap 2030 emissions at 35% to 38% below 2019 levels while providing compliance flexibilities to emit up to a level about 20 to 23% below 2019 levels.
The government has said that it would publish the final version of the legislation by the end of 2024.
In the plan expected to be published in detail later on Monday, the government would be seeking to force oil and gas producers to have their emissions decline by 35% compared to 2019 levels sometime between 2030 and 2032.
“I think everyone should do their fair share,” Canada’s Environment Minister Steven Guilbeault told The Canadian Press in an interview ahead of the news conference to announce the plan.
“I think most Canadians — even those that aren’t my biggest fans — would agree that it’s not OK for a sector to not be doing its share, and that’s mostly what this regulation is about,” Guilbeault added.
The minister told The Canadian Press that the emissions reduction plan would face a backlash, but that the government is committed to advancing its climate goals.
The chief executives of Canadian oil sands producers have already spoken against plans by the federal government to impose a cap on emissions from oil and gas production.
Separately, the Business Council of Canada issued a statement on Monday, saying that “At a time when Canada’s economy is stalling, imposing an oil and gas emissions cap will only make Canadians poorer. Strong climate action requires a strong economy. This cap will leave us with neither.”
“Today’s announcement ahead of the U.S. presidential election also sends the wrong signal to our most important trading partner that looks to Canada as a secure and reliable source of energy,” the council added.
“A de facto cap on oil and gas production would restrict cross-border energy trade and harm our shared economic and security interests.”
By Charles Kennedy for Oilprice.com
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