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

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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 published Monday.

Minister of Environment and Climate Change Steven Guilbeault joins Minister of Energy and Natural Resources Jonathan Wilkinson and fellow colleagues as they hold a press conference in Ottawa on Monday, Nov. 4, 2024. THE CANADIAN PRESS/Sean Kilpatrick

For the Liberals, the regulations fulfil a 2021 election promise to force the energy sector to pull its weight in the fight against climate change. Upstream oil and gas operations, including production and refining, contributed about 31 per cent of Canada’s total emissions in 2022. The rest will be divided between various technologies, including carbon capture and storage. Ottawa is expected to spend about $12.5 billion on a tax credit to encourage and assist companies to invest in those systems that trap carbon dioxide and return it to underground storage.Under the proposed cap-and-trade system, each company will be given an emissions allowance equating to one unit per tonne of carbon pollution.

The Canadian Association of Petroleum Producers — which represents companies responsible for three-quarters of Canada’s annual oil and natural gas production — said the proposed changes would deter investment and negatively impact jobs in the sector. “When we brought in the initial methane regulations, the industry also said ‘This isn’t very good’ and what it did was it actually created a lot of jobs in technology development and deployment,” Wilkinson told The Canadian Press.

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