Canada Imposes Emissions Cap on Oil-and-Gas Industry - The Wall Street Journal
Canada Imposes Emissions Cap on Oil-and-Gas Industry - WSJ
Updated Dec. 7, 2023 12:54 pm ET
TORONTO—The Canadian government said it would use a cap-and-trade system to impose greenhouse gas emission limits on its oil-and-gas industry, making Canada one of the first major global oil producers to impose emissions limits on its energy industry.
Under what the government described Thursday as a “draft framework” that would be finalized in 2025, Canada will issue emissions allowances to oil-and-gas producers, which will be capped at a level between 35% and 38% below 2019 levels, beginning in 2030. The government will then keep lowering allowances in stages until the industry reaches net zero by 2050.
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