OTTAWA — The federal government is proposing to use an industry\u002Dspecific cap\u002Dand\u002Dtrade system or a modified carbon pricing system to set a ceiling for…
The two options are contained in a discussion paper Environment Minister Steven Guilbeault will publish Monday. It is the first glimpse Canadians are getting of how the Liberals expect to implement the oil and gas emissions cap promised in last year’s election.
What Guilbeault didn’t say then, and what the discussion paper doesn’t say now, is what the specific emissions cap will be. It’s supposed to start at “current levels” — which going by the data that was available when that promise was made would mean 2019 levels, or 203.5 million tonnes.Article content
The first proposed option involves a new cap-and-trade system on the oil and gas sector in isolation. The total emissions allowed would be divided into individual allowances which will be allocated to specific companies mainly through an auction. Most of Canada’s oil and gas producers are already cutting emissions due to other regulations and a desire to become a cleaner, more competitive option for global customers.
The Oil Sands Pathway Alliance, with six of the biggest oilsands companies on board, is aiming to get emissions to net zero by 2050, mainly through carbon capture and storage projects that trap greenhouse gases before they go into the atmosphere and then store them back underground.
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