The proposed cap-and-trade system is being met with anger from Alberta politicians and skepticism from industry stakeholders, who warn such a measure will harm the energy sector.
Alberta Premier Danielle Smith fires back Ottawa and Environment Minister Steven Guilbeault after published new regulations that will require oil and gas producers to cut greenhouse gas emissions.
“I’ll get my justice minister working on it immediately and we’ll start drafting a motion under the sovereignty act,” she said. Upstream oil and gas operations, including production and refining, contributed about 31 per cent of Canada’s total emissions in 2022.RFK Jr. and Trump want fluoride out of water. What does the mineral do?Countdown to the U.S.
The rest will be divided between various technologies, including carbon capture and storage. Ottawa is expected to spend about $12.5 billion on a tax credit to encourage and assist companies to invest in those systems that trap carbon dioxide and return it to underground storage.Under the proposed cap-and-trade system, each company will be given an emissions allowance equating to one unit per tonne of carbon pollution.
The company invests in energy transition technologies across the sector and Krausert said while the industry is under pressure to introduce more emissions reduction technologies, that is done by creating the investment case, making sure it’s globally competitive and having certainty for markets — and Monday’s emissions cap announcement will have the opposite effect.
Pathways Alliance is a consortium made up of Canadian Natural Resources Ltd. , Cenovus, ConocoPhillips Canada, Imperial, MEG Energy and Suncor Energy. It represents about 95 per cent of Canada’s oil sands production. The Canadian Association of Energy Contractors also rejected the federal government’s proposed emissions cap.
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