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Canada draft rules require oil and gas sector to cut emissions 35% below 2019 levels

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By illuminem briefings

· 2 min read


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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