Oil and gas emissions must be reduced by 42% from 2019 levels by the end of the decade. Read more.
The federal government announced that it will begin consultations on the design of a proposed cap on emissions from the oil and gas sector — a measure that is unlikely to be welcomed by industry, but one that fulfills a pledge made by Prime Minister Justin Trudeau in last year’s election.
The two options floated by the federal government are a sector-specific cap-and-trade system or a modified carbon-pricing system that could see the oil and gas industry pay a higher carbon price. However, the government didn’t say what the specific emissions cap will be, or did it hint at the trajectory of reductions that will be required.
The transformative changes in process and technology required for the oil and gas sector to drive down emissions will take time, experts said. The head of the Canadian Association of Petroleum Producers said both proposals outlined by the government so far could deter investment in the sector at a moment when Europe is grappling with an energy crisis.
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