The new rules say by the end of 2023 the emissions intensity of gasoline and diesel needs to fall more than 3.5%, and by 2030, emissions need to be down 15%
Cabinet approved the final regulations for the long-awaited Clean Fuel Standard last week and The Canadian Press obtained them today ahead of their intended publication on July 6.
“Since the previous draft of the CFS, we’ve been working to make this as focused as possible on our end goal — driving down emissions and driving up innovation.”Article content The draft regulations also included kerosene, jet fuel or fuel oil on the list of fuels that need to comply but those are not included in the final regulations.The draft regulations expected gasoline to drop carbon intensity 2.5 per cent in December 2022 from a baseline number set using a 2016 average intensity. The final plan adjusts that baseline slightly, and requires a drop of 3.6 per cent for gasoline, and 3.8 per cent for diesel in December 2023.
Guilbeault’s office now says companies are making record profits and “there’s no doubt there is the capacity to invest in clean options.”Most Canadian oil and gas companies reported massive profits in the first quarter as global oil prices surged, largely due to the Russian invasion of Ukraine.