The Liberal government is aiming to cut emissions 40% to 45% below 2005 levels by 2030, and target net-zero emissions by 2050
. To achieve this, policymakers need to enforce a sharp reduction in pollution from the oil and gas sector, responsible for 27% of Canada’s emissions.
The carbon price in Canada is currently set at $50 a tonne and is set to ramp up to $170 a tonne by 2030. Trudeau first promised the cap during his 2021 election campaign, but details on the policy have been scarce so far. Natural Resources Minister Jonathan Wilkinson said the industry will need to drastically cut emissions to remain competitive as the world moves towards a lower-carbon future.
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