Page 4 - NorthAmOil Week 45 2021

NorthAmOil COMMENTARY NorthAmOil

Biden, Trudeau outline climate

positions at COP26

The leaders of the US and Canada have sought to position themselves as

taking a tough line on decarbonisation at the COP26 summit

GLOBAL US President Joe Biden and Canadian Prime Canadian commitments
Minister Justin Trudeau have both sought to Additionally, Trudeau pledged to cap and reduce
WHAT: position themselves and their countries as taking emissions from Canada’s oil and gas industry to
US President Joe Biden an increasingly tough line on decarbonisation net zero by 2050. The move is in line with 2050
and Canadian Prime and climate change at the UN Climate Change net-zero targets set by various Canadian energy
Minister Justin Trudeau Conference (COP26). The event has been companies, including an alliance of the country’s
are trying to position underway in Scotland since the end of October, top oil sands producers.
themselves as leaders on wrapping up this week. “Canada is the first major oil-producing
climate change issues. However, while both leaders unveiled new, country moving to capping and reducing pol-
tougher commitments on climate, they held lution from the oil and gas sector to net zero by
WHY: back from joining some of the more ambitious 2050,” a statement from Trudeau’s office said.
The issue of climate pledges unveiled at the summit ahead of talks “To help do this at a pace and scale needed to
change is increasingly officially drawing to a close. This includes the achieve the shared goal of net zero by 2050, the
at the forefront of global Beyond Oil and Gas Alliance (BOGA), which government will set five-year targets, and will
concerns. was launched with an aim to end oil and gas also ensure that the sector makes a meaningful
production globally. While the alliance does not contribution to meeting Canada’s 2030 climate
WHAT NEXT: include any major oil and gas producers, it has goals.”
The US has held back been joined by the State of California. The statement added that the Canadian gov-
from joining any of Biden also came under fire from critics that ernment was seeking the advice of the Net-Zero
the key commitments do not believe he is going far enough with his Advisory Body on how best to move forward
unveiled at COP26. climate-related commitments, including not with these plans.
joining in with a pledge to end coal mining. Separately, the government also committed
Trudeau, by contrast, announced that Can- to cutting subsidies to oil and gas companies
ada would support the coal phase-out, with for overseas operations by the end of 2022. A
his office describing ending coal power emis- broader push to include a phase-out of all fossil
sions as “one of the single most important fuel subsidies in the final COP26 deal appeared
steps the world must take in the fight against to be in the process of being watered down by
climate change”. the end of this week, however.

US President Joe Biden
will face considerable
challenges in pursuing
his climate agenda.

P4 www. NEWSBASE .com Week 45 11•November•2021