Canada will require its oil and gas industry to reduce emissions by 35 to 38 per cent by 2030 compared to 2019 levels,* citing a historic first for a major fossil fuel producer.
On Thursday, Canada's Environment Minister Steven Guilbeault announced the long-promised cap on oil and gas emissions at the COP28 summit in Dubai. Canadian Prime Minister Justin Trudeau's ** will implement a cap-and-trade regime to achieve cuts. It would set legal limits on the industry's emissions, and then allow companies to purchase and trade a limited number of emission allowances or permits. Companies that reduce emissions will be able to get more permits, rewarding those that innovate to reduce pollution. Guilbeault said in an interview: "There is no future for this industry unless it is decarbonised. ”
The emissions cap will be lowered over time until the Canadian economy reaches net-zero emissions by 2050. Guilbeault said Thursday's announcement was the framework for developing the plan, with more details to be announced in the draft regulations in the middle of next year. (Compiled by Xiao Chen).
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