Canada unveils emissions cap on oil and gas sector | FULL

The Canadian government on Thursday unveiled its long-promised emissions cap on the oil and gas sector, which will require industry emissions to be cut by at least one-third by 2030.

Canada’s emissions cap, which will follow a cap-and-trade model, aims to limit emissions from the oil and gas sector at 35 to 38 per cent below 2019 levels. This is below the 40 per cent target that was anticipated from a 2022 emissions reduction proposal.

The cap will be phased in between 2026 and 2030.

It will apply to upstream oil and gas, meaning industries involved in the exploration, drilling and extraction of crude oil and natural gas. It will also extend to liquefied natural gas (LNG) facilities, which are projected to be a growing source of emissions.

Under the cap-and-trade system, a regulatory body will issue an “allowance.” To compensate for emissions above the cap, oil and gas facilities will be able to purchase offset credits or contribute to a decarbonization fund.

For more info, please go to https://globalnews.ca/news/10154213/oil-and-gas-emissions-cap-canada/
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