Letter from Canada: Emission caps threaten output
Canada’s lack of progress in meeting ambitious emission reduction goals is a particular threat to the country’s upstream oil and gas sector
Canadian prime minister Justin Trudeau’s government has increased its national greenhouse gas emission reduction target for 2030 to between 40pc and 45pc of 2005 levels, up from 30pc previously. But the country managed to cut emissions by a mere 9mn t CO₂ equivalent, or 1pc, through 2019, based on its latest submission to the UN Framework Convention on Climate Change. Assuming the federal government stands firm on its national target, the biggest loser could be the country’s oil and gas sector. Its emissions have increased by a fifth, to 191mn t, since 2005—on the back of a near two-and-a-half times jump in emissions from the oil sands, despite a significant improvement in emissions intensit
Also in this section
24 October 2024
Producers in the region see significant gains to be made by boosting output using the infrastructure already in place
23 October 2024
Markets have seen no material disruption from the war so far, but as the fighting goes on it is a matter of when, not if
23 October 2024
Majors in the region are pushing boundaries and could see significant upside, but longer-term risks remain
22 October 2024
Angola is unlikely to meet the official timeline for an IPO of state-owned oil giant Sonangol in 2026