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Canada Mulls Oil GHG Cap

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Canada is weighing two options for an oil and gas industry cap on greenhouse gas (GHG) emissions in support of its economy-wide reduction goals: an industry-specific carbon price and a sectorwide cap-and-trade system. The preferred options for enforcing a cap on oil and gas emissions were outlined earlier this month by the Canadian federal government, which is accepting comments through Sep. 30. Several questions are under consideration as both options are examined, including whether to give more flexibility to smaller emitters; whether to exempt refineries and natural gas transmission lines; and how stringently to set or ratchet up the cap’s trajectory over the next decade through 2050. Ottawa is targeting economy-wide emissions cuts of 40%-45% below 2005 levels by 2030 and net-zero emissions by 2050. Reducing emissions from the oil and gas sector, which is responsible for 27% of Canada's emissions, is considered a major prong of the strategy to get there.

Topics:
Carbon Markets , Carbon Prices, CO2 Emissions, Low-Carbon Policy, Policy and Regulation
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