Oil, gas companies told to cut emissions by one-third under planned cap

  • 📰 PGCitizen
  • ⏱ Reading Time:
  • 51 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

OTTAWA — Oil and gas producers in Canada will be required to cut greenhouse gas emissions by about one-third over the next eight years under new regulations being published today by Environment Minister Steven Guilbeault.

The regulations, still only in draft format and about two years behind schedule, could further strain relations between Ottawa and the Alberta government which recently launched a $7-million advertising campaign to"scrap the cap."

"I think most Canadians — even those that aren't my biggest fans — would agree that it's not OK for a sector to not be doing its share, and that's mostly what this regulation is about." Guilbeault said he is aware there will be backlash, but that he is committed to carrying out the Liberal climate goals. The government is also adamant that the regulations can be achieved with existing technology, without cutting production.

The cap does not dictate what companies must do to meet the target, but Guilbeault said the modelling suggests about half the cuts will come from reductions to methane. Those cuts are already happening as oil producers install equipment to prevent the leaks of methane that were a major contributing source of emissions.

Production is likely to be central to the debate as regulations are released Monday. Several economic studies based on the framework plan from December 2023 said the only way to meet goals is through production cuts.

 

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

 /  🏆 65. in BUSİNESS

Business Business Latest News, Business Business Headlines