Author of the article: Bloomberg News Brian Platt Date of publication: 29 Mar 2022 • 45 minutes ago • 2 minutes reading • 307 Comments Secretary of the Environment Steven Guilbeault. Photo by Chris Young / The Canadian Press / File
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The government of Prime Minister Justin Trindade wants a 42% reduction in emissions from the oil and gas sector as part of Canada’s plan to meet its 2030 emission reduction target.
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Trinto’s plan promises to make a carbon offset tax rebate available to the industry by 2022, details of which will be made public “soon”. However, it does not provide details on the emission ceiling that the government plans to impose on the fossil fuel sector, which accounts for about one-tenth of Canada’s total economic output. The document, presented to parliament Tuesday by Environment Minister Steven Guilbeault, promises an additional C $ 9.1 billion ($ 7.3 billion) in new spending to meet Canada’s climate targets. Overall, the government aims to reduce emissions by more than 40% from 2005 levels by 2030. In an interview with Bloomberg earlier this month, Guilbeault said existing policies, including the phasing out of coal-fired power generation and the adoption of a national coal tax, already had the country well on track to reduce emissions by 36 per cent. %. Exceeding the 40% threshold, he said, would require “a lot of weight lifting”.
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It will not be cheap. The total cost – both from governments and businesses – over the next three decades to get Canada to zero is C $ 2 trillion, according to a report by the Royal Bank of Canada last fall, which translates to at least 60 Billion Canadian dollars a year. in costs given current technologies. Tuesday’s plan says the government is working to reduce methane oil and gas by at least 75% by 2030 and to support clean technologies to further remove coal from the sector. Describes support for the transition to electric vehicles, including mandating that at least 20% of all new light vehicles offered for sale by 2026 have zero emissions. The government has previously stated that it intends to reach 100% in this category by 2035.
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Canada Infrastructure Bank will spend C $ 500 million on electric vehicle charging infrastructure and the government will allocate an additional C $ 400 million to build charging stations. Canada’s total greenhouse gas emissions in 2019 were 730 megatons of carbon dioxide equivalent. Oil and gas extraction accounts for about 26% of these emissions, and the government will rely heavily on carbon offset tax credit and emissions ceiling to ensure the industry achieves its goals. On the emission ceiling, the government said on Tuesday a discussion paper would be published this spring, following consultations with provinces, indigenous partners, industry and civil society. The government also said it did not intend to use the ceiling to reduce output “due to declining global demand”.
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Trinto promised during last year’s election campaign that his Liberals would force oil and gas companies to set five-year targets to reduce emissions to reach zero zero by 2050. The program is about to begin. in 2025. Part of this plan includes a $ 2 billion fund to create green jobs in oil-producing areas. Canada is the only G7 country to have seen its harmful emissions actually increase between 2015 and 2019. Trinto blamed his country’s previous record for emissions on the previous Conservative government, which withdrew from the Kyoto Protocol in 2011, a precursor to the 2015 Paris Agreement. The United States under Donald Trump has also effectively blocked Canada.
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