“As presented, both emissions cap options have the potential to limit oil and natural gas production in Canada by adding regulatory burden and eliminating options for economywide co-operation on emissions reductions,” said Lisa Baiton, president and CEO of the Canadian Association of Petroleum Producers, in an emailed statement Thursday.
That would bring total emissions from the sector — including production, refining and transportation via pipelines — to 110 million tonnes by 2030, down from 191 million tonnes in 2019. They haven’t been that low in more than three decades. Oilsands industry leaders have suggested meeting such an ambitious target in a relatively short time frame is likely unachievable. Instead, they have set their own targets through the Pathways Alliance, pledging to reduce oilsands production emissions by 22 million tonnes by 2030. That would represent an approximate 30 per cent reduction from current levels.
Pathways Alliance members have not yet pulled the trigger to go ahead with the project, though the group has said the investment tax credit for carbon capture and storage projects unveiled by the federal government earlier this year is an important step.“The tax credit is a positive approach where industry and government can co-invest in CCUS infrastructure at an achievable pace of development,” McKay said Thursday.
CNRL reported Thursday that it more than doubled its second-quarter profits in 2022 as the war in Ukraine continued to put pressure on global energy supplies. The Calgary-headquartered company said it earned $3.5 billion or $3 per diluted share for the quarter ended June 30, up from $1.6 billion or $1.30 per diluted share in the same quarter last year.
NO IT IS NOT OIL IS OBSOLETE
Reminder that the main argument NDP experts had for carbon taxes was that they would take the place of ridiculous federal regulations.
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