Canada to limit emissions from oil and gas

On December 7, Canada announced a new policy, stipulating that the oil and gas industry will have to cut emissions by one-third within 7 years or buy offset credits.

Canada will limit emissions from oil and natural gas. (Source: The Canadian Press)

By 2030, conventional oil companies, oil sands and natural gas producers in Canada will have to reduce emissions by 35-38% compared to 2019 levels.

This rule will not apply to refineries whose emissions are controlled under clean fuel standards.

However, these companies can buy offset credits or contribute to a decarbonization fund to lower that requirement to an actual cut of just 20-23%.

By 2022, Ottawa estimates oil and gas will need to be cut by 42 per cent from 2019 levels if Canada is to meet its 2030 climate goals.

Environment Minister Steven Guilbeault said the change had been made in extensive consultation with industry and other stakeholders to ensure its feasibility.

“What we are doing is historic, not just for Canada but for the world ,” he said. “We have never before put in place regulations in Canada to ensure that the oil and gas industry reduces its overall emissions.”

Source: https://baoquocte.vn/canada-se-gioi-han-luong-khi-thai-tu-dau-mo-va-khi-dot-253217.html