Oil and gas lobby group says emissions cap could cost sector $75B in lost investment

A new report commissioned by an industry lobby group on the federal government's proposed emissions cap stirred up strong reactions from both oil and gas supporters and environmental groups on Monday.A new study commissioned by CAPP says that if oil and gas drillers were required to cut greenhouse gas emissions by 40 per cent by 2030, industry could see $75 billion less in capital investment over the course of the next nine years compared with current policy conditions.

The commissioned report concludes that if oil and gas drillers were required to cut greenhouse gas emissions by 40 per cent by 2030, industry could see $75 billion less in capital investment over the course of the next nine years compared with current policy conditions.The study says that would translate to one million barrels of oil equivalent less of production per day by 2030 compared with current forecasts, and 51,000 fewer jobs by 2030 than under existing government policies.

"Declines in production forced on the industry by a stringent emissions cap will result in significant job losses for Canadians, severe impacts on the economy and our GDP, and have the potential to compromise Canada's energy security and prosperity," Baiton said.But the federal government has said all along that the oil and gas emission cap will be designed to limit emissions, not oil and gas production.

"CAPP has commissioned an analysis of a non-existent scenario. Everything in it flows from false assumptions that make it so deeply flawed, it amounts to disinformation," said Oliver Anderson, spokesperson for Environment Minister Steven Guilbeault, in an email.

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