Canada plans to finalise emissions cap by mid-2024, minister says
- Media Manager
- Jul 26, 2023
- 1 min read
Yahoo!Finance
Written By: Sudarshan Varadhan
Published: July 27th, 2023
SINGAPORE (Reuters) - Canada will likely publish the final regulations of a plan to cap and cut greenhouse gases from the oil and gas sector by mid-2024, its environment minister told Reuters on Thursday.
The government will table draft regulations on the plan by October and expects to publish the final regulations by mid-2024 after consultations with provinces, indigenous groups, civil society and industry, federal Environment Minister Steven Guilbeault told Reuters.
Canada, the world's fourth-largest oil producer, lags many global peers in tackling emissions. Prime Minister Justin Trudeau's government sees the cap as a key element to enforce a sharp reduction in pollution from the oil and gas sector, responsible for 27% of the country's emissions.
The cap, which envisions limits on emissions or potentially raising the carbon price to incentivise driving down emissions, was first promised in Trudeau's 2021 election campaign. It has faced delays amid opposition from industry and some provincial lawmakers.
The government's framework for eliminating inefficient fossil fuel subsidies released on Monday was expected to abolish C$1 billion ($759.82 million) in annual federal support for local oil, gas and coal production, Guilbeault said.
