Canada’s environment minister has revealed that the final regulations for capping and reducing greenhouse gas emissions from the oil and gas sector will likely be published by mid-2024. The government plans to table draft regulations by October and will seek input through consultations with provinces, indigenous groups, civil society, and industry. Canada, as the fourth-largest oil producer globally, has been lagging behind in addressing emissions. The cap is seen as crucial for achieving a significant reduction in pollution from the oil and gas sector, which accounts for 27% of the country’s emissions. The government aims to enforce limits on emissions and potentially raise carbon prices to incentivize emission reduction. However, the implementation has faced delays due to opposition from industry and some provincial lawmakers.
In addition to the cap on emissions, Canada recently announced the framework for eliminating inefficient fossil fuel subsidies. The framework is expected to eliminate $1 billion in annual federal support for local oil, gas, and coal production, aligning with the country’s commitment under the Glasgow Climate Pact. Canada became the first G20 country to deliver on a 2009 commitment to rationalize and phase out government support for the fossil fuel sector.
While the elimination of subsidies is a significant step, climate policy analysts suggest that the framework falls short by allowing government support for oil and gas projects utilizing technologies like carbon capture and storage (CCS). They argue that such support should be limited as CCS alone cannot solve all climate change issues. Despite this, Environment Minister Guilbeault estimates that tax credits for CCS projects in Canada will amount to approximately $15 billion in investments. He emphasizes that CCS will only account for a small portion, around 5%, of the overall climate plan and may even decrease by 2030.
Moving forward, Canada intends to make its electricity grid carbon neutral by 2035, requiring support from CCS. The minister also expects CCS to contribute to decarbonizing “hard-to-abate” sectors like aluminum and cement. However, Guilbeault stresses that while CCS has a role to play in achieving the country’s 2030 targets, it is not a magic solution.
Overall, Canada is taking steps to address emissions and reduce the country’s reliance on fossil fuels, but there are still challenges to overcome and ongoing discussions with various stakeholders are important for effective implementation.
Sources:
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