Well..seems like Canada has set themselves quite the goal..is it possible? Time will tell, but for a country with vast oil resources to take such a stand is telling. Of course, this has been in the works for a while..dividing the country twist East and West..even more than it already is, with the bulk of the petro industry totally against this move.
www.bloomberg.com
Canada will require its oil and gas industry to cut emissions to 35% to 38% below 2019 levels in six years in what the government is calling a historic first for a major fossil-fuel producing country.
Environment Minister Steven Guilbeault announced the long-promised oil and gas emissions cap Thursday at the COP28 summit in Dubai, a policy likely to inflame tensions with conservative leaders of western provinces that are home to the bulk of the industry.
Prime Minister Justin Trudeau’s government will implement a cap-and-trade system to achieve the cuts. It will set a legal limit on the sector’s emissions and then allow companies to buy and trade a limited number of emissions allowances or permits. Companies that reduce emissions will be able to sell more permits, thereby rewarding those who innovate to cut pollution.
Canada to Require Oil, Gas Emissions Cut of 35% to 38% in 2030
Canada will require its oil and gas industry to cut emissions to 35% to 38% below 2019 levels in six years in what the government is calling a historic first for a major fossil-fuel producing country.
www.bloomberg.com
Canada will require its oil and gas industry to cut emissions to 35% to 38% below 2019 levels in six years in what the government is calling a historic first for a major fossil-fuel producing country.
Environment Minister Steven Guilbeault announced the long-promised oil and gas emissions cap Thursday at the COP28 summit in Dubai, a policy likely to inflame tensions with conservative leaders of western provinces that are home to the bulk of the industry.
Prime Minister Justin Trudeau’s government will implement a cap-and-trade system to achieve the cuts. It will set a legal limit on the sector’s emissions and then allow companies to buy and trade a limited number of emissions allowances or permits. Companies that reduce emissions will be able to sell more permits, thereby rewarding those who innovate to cut pollution.
