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illuminem summarizes for you the essential news of the day. Read the full piece on CBC News or enjoy below:
🗞️ Driving the news: Canada has introduced draft regulations mandating a 35% reduction in oil and gas sector emissions below 2019 levels by 2030, with a phase-in period of four years
• While production caps are not imposed, companies can achieve reductions through emissions offsets or de-carbonization funds
🔭 The context: Canada's oil and gas industry, responsible for about one-third of national emissions, has seen record profits but limited reinvestment in emissions reduction
• Alberta’s Premier Danielle Smith strongly opposes the cap, arguing it would harm the economy, while federal officials insist it will promote cleaner production
🌍 Why it matters for the planet: As the nation’s largest emitter, Canada's oil and gas sector is critical for national climate targets; capping emissions while allowing some production growth could set a model for balancing economic and environmental goals globally
⏭️ What's next: The government will accept public consultation on the rules until January 2025, with final regulations expected by spring
• Alberta may legally challenge the cap, potentially escalating federal-provincial tensions around climate policy
💬 One quote: “This system will reward lower polluting facilities and incentivize higher-polluting facilities to do better and reduce their emissions,” - Environment Minister Steven Guilbeault
📈 One stat: From 2019 to 2022, profits in Canada’s oil and gas industry surged from $6.6 billion to $66.6 billion, a tenfold increase
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