Start Date: 2024-11-02
End Date: 2024-11-08

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Canada Proposes Emissions Cap for Oil and Gas Sector

The Government of Canada has introduced draft regulations to impose a greenhouse gas emissions cap in the oil and gas sector, targeting a reduction of 35% below 2019 levels. This cap-and-trade system aims to incentivize cleaner production methods without limiting overall production growth. The regulations align with the country's broader climate strategy and have been shaped by consultations with industry stakeholders and Indigenous groups, ensuring technical feasibility. Financial support for carbon capture and other technologies is also part of the plan. These measures reflect Canada's commitment to maintaining competitiveness in a decarbonizing global market.

Sources: ['Announcements: www.canada.ca']