Canada battles to wean itself off fossil-fuel industry as exports hit 8-year high

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 63%

Business News News

Justin Trudeau’s officials have shunned any push to speed up the phasing out of fossil fuels, in favour of a slower path

Canadian Prime Minister Justin Trudeau. Picture: BLOOMBERG.

As a share of total merchandise exports, the fossil-fuel industry represented 27.4% of shipments in March — matching the record high set under former prime minister Stephen Harper in 2014. The strategy was evident in recent moves by Trudeau’s cabinet, including the approval in April of a major offshore oil project and the introduction a pricey tax credit for investments in carbon-capture technology.

The Trudeau government’s plan to meet its climate targets relies on a 42% cut in emissions from the oil and gas sector over the next eight years. It leans heavily on technical improvements — such as carbon capture — while still allowing for barrels to be pumped, to the chagrin of environmentalists.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Canadian citizens need to focus on weaning themselves off of Trudeau and his WEF agenda. Fossil fuels are the least of their current worries.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSİNESS

Business Business Latest News, Business Business Headlines