Canada proposes sharp cut in oil and gas sector emissions by 2030

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Canada proposes sharp cut in oil and gas sector emissions by 2030 - Business Standard

Quick Summary:

Producers will be required to start reporting their emissions from 2026, and the first three-year compliance period will run from 2030 to 2032.

Most of the emissions reductions are expected to come from cutting methane pollution and a proposed oil sands carbon capture project, federal Natural Resources Minister Jonathan Wilkinson said.

Ottawa said oil and gas production is still expected to grow 16 per cent from 2019 levels by 2030-2032 even with the emissions cap in place, and there would only be a 0.1 per cent reduction in Canadian GDP as a result.