Page 5 - NorthAmOil Week 45 2021

NorthAmOil COMMENTARY NorthAmOil

Canadian Prime
Minister Justin Trudeau
pledged to cap and
reduce emissions from
Canada’s oil and gas
industry.

Biden’s challenge However, China has refused to join the Global
For Biden, a big challenge is reversing course Methane Pledge – an initiative led by the US and
from former US President Donald Trump, who EU that was first unveiled in September and for-
did not make any moves to pursue decarbon- mally launched last week at COP26.
isation during his time in office, and indeed Countries joining the pledge have committed
withdrew his country from the Paris climate to reducing global methane emissions by at least
agreement, which seeks to limit global warm- 30% from 2020 levels by 2030. Over 100 coun-
ing to 1.5 Celsius compared with pre-industrial tries have now signed up to the pledge.
levels. Biden told COP26 delegates that the US
Biden was quick to bring the US back into the would also seek to become a “net-zero emissions
Paris Agreement, and has sought to reverse a economy” by no later than 2050. However, the
number of Trump’s other positions related to the country has a long way to go if it is to achieve
environment and climate change. However, crit- this goal, or that of cutting emissions by 50-52%
ics have said the Biden administration’s rhetoric below 2005 levels by 2030, which Biden also Canada has
on the subject has yet to be matched with suffi- reiterated.
cient action. Additionally, concerns remain over already missed
a Republican president and Congress undoing What next? previous
Biden’s moves at a future date. In both Biden and Trudeau’s cases, there is a
COP26 saw Biden proceed cautiously, risk that words will not necessarily be matched emissions
though, with his administration declining to set by actions over the coming years. Canada has
an end date for the sale of gasoline and diesel already missed previous emissions targets, targets, including
cars, unlike the European Union, Canada and including falling short of its 2020 goal by around
a number of other countries at the summit. 99%. falling short of
This came on top of the US’ absence from the While Trudeau is increasingly taking a more its 2020 goal by
pledge to end coal mining – which comes as no aggressive approach, which will be aided by
surprise given that resistance to any moves to Canada’s rising carbon tax, achieving even around 99%.
further reduce coal output is strong in regions of more ambitious emissions cuts than those
the country that are major producers of the fuel. that have already been missed poses a major
However, the US did unveil an unexpected challenge.
agreement to deepen its co-operation with Likewise for Biden, meeting both targets and
China on climate change issues over the next more vaguely stated long-term aims looks diffi-
decade. The two countries’ joint declaration cult. The fact that the support of Democrats in
said that they would work together to achieve Congress cannot be guaranteed depending on
the Paris Agreement target of limiting global the regions and interests they represent further
warming. complicates the picture.™

Week 45 11•November•2021 www. NEWSBASE .com P5