Canada will likely publish the final regulations of a plan to cap and cut greenhouse gases from the oil and gas sector by mid-2024, its environment minister told Reuters on Thursday.
released on Monday was expected to abolish C$1 billion in annual federal support for local oil, gas and coal production, Guilbeault said.
Canada's announcement to eliminate such subsidies made it the first G20 country to deliver on a 2009 commitment to rationalise and phase out government support for the sector. Guilbeault said he estimated the tax credit for CCS projects in Canada to represent about C$15 billion worth of investments. Canada will be introducing a regulation to ensure that its electricity grid is carbon neutral by 2035, Guilbeault said, a move he said would require support from CCS. He also expects CCS to contribute towards decarbonising "hard-to-abate" sectors such as aluminium and cement.
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