OTTAWA — The federal government is proposing to use an industry-specific cap-and-trade system or a modified carbon pricing system to set a ceiling for emissions from the oil and gas sector and drive them down almost 40 per cent by the end of this decade.
"We simply cannot ignore the fact that the oil and gas sector is Canada's biggest emitter," Guilbeault said in April during a House of Commons committee meeting studying the proposed emissions cap on oil and gas. Input on the options to manage the cap will be accepted until Sept. 21 with Guilbeault aiming to unveil the final plan early in 2023.
Companies can currently reduce the carbon price they pay by buying credits from others that produce less than their emissions limit. The modified plan would allow them only to buy credits from other oil and gas companies, not from other industries. The industry has work to do, particularly on the oil side, where Canada's heavier oils require more energy to extract from the ground than in places like Saudi Arabia. While oilsands emissions per barrel of oil, known as the emissions intensity, is down about 30 per cent since 1990, it's still higher than many global competitors.
Sounds good to me.
Idiots
Here he goes again.
I'm sure the western industries won't pay more than the eastern ones..
We need to target the forestry industry ... and now !!! Every tree that is cut down is the equivalent of 100 new cars being put on the road for the next 20 years .
Nothing significant will change on this file until there is buy in from all parties. When that eventually happens, it will be too late. extinction
Carbon pricing just puts a higher price tag on* pollution, and companies can afford it right now. This isn’t a climate strategy, it is a revenue stream.