Page 9 - NorthAmOil Week 13 2022
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NorthAmOil POLICY NorthAmOil
Oil and gas sector
emissions must be
slashed by 42% by
2030 compared with
2019 levels under
Trudeau’s plan.
Trudeau unveils CAD9.1 bn plan
to meet 2030 carbon targets
CANADA CANADA has unveiled a multi-billion-dollar emissions by 2050.
plan to cut carbon emissions, including a clean A CES will be developed, says Trudeau’s
electricity standard (CES). The plan, presented office. A CES typically requires utilities to
by Prime Minister Justin Trudeau, includes acquire a certain proportion of their electricity
CAD9.1bn ($7.3bn) in new spending to meet from clean sources, such as renewable energy.
carbon emissions reductions by 2030. Additional investments of about CAD850mn
Oil and gas sector emissions must be slashed will go to clean energy projects like wind and
by 42% by 2030, said Trudeau. He linked solar power, while the government will work
Europe’s plans to move away from relying upon with provinces and territories, stakeholders and
Russian oil and natural gas – after the country’s indigenous partners to move Canada’s electricity The whole world
invasion of Ukraine – to a broader, global push grid to net-zero emissions by 2035, according to
towards renewable energy. Trudeau spoke at a the Prime Minister’s office. is focusing on
rally in Vancouver on March 29. More than CAD2.9bn will be invested in clean energy and
“The leaders I spoke with in Europe over the electric vehicle charging infrastructure. All new
past few weeks were clear: They don’t just want passenger vehicles sold in Canada will be zero Canada cannot
to end their dependence on Russian oil and gas; emission by 2035, with interim targets of at least
they want to accelerate the energy transforma- 20% by 2026, and at least 60% by 2030, said his afford not to do
tion to clean and green power,” Trudeau told office.
reporters. Around $1bn will be invested in greening that.
“The whole world is focusing on clean energy buildings. Justin Trudeau
and Canada cannot afford not to do that,” he said. Ottawa will continue working closely with Prime Minister
Canada – with its large oil and gas sector – provinces and territories, stakeholders and Canada
may account for only 1.6% of global CO2 emis- indigenous partners to develop an approach to
sions, but it is one of the highest emitters per cap oil and gas sector emissions to achieve net-
capita. zero emissions by 2050, reduce oil and gas meth-
The plan – the 2030 Emissions Reduction ane emissions by at least 75% by 2030 and create
Plan: Canada’s Next Steps to Clean Air and good jobs, it said.
a Strong Economy – is a sector-by-sector The plan includes a projected contribution
approach for Canada to reach its new climate for the oil and gas sector of a 31% reduction
target of cutting emissions by 40% below 2005 from 2005 levels, which is equivalent to 42%
levels by 2030, and to reach a goal of net-zero from 2019 levels.
Week 13 31•March•2022 www. NEWSBASE .com P9
