Foreign policy will hurt Canada's oil and gas sector more than anything: Economist
The Liberals take a minority government and with that comes stricter cuts to the oil and gas industry to meet a net-zero goal by 2050. Aaron Cosbey, economist at the International Institute for Sustainable Development joins BNN Bloomberg to discuss the future of climate policy in Canada.
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At long last, Canada restricts oil and gas subsidies (except for all the loopholes)
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Canada to Cut Oil & Gas Subsidies
The Canadian federal government has implemented a framework to revoke subsidies for fossil fuels that are deemed inefficient. However, the framework lacks details on the specific subsidies to be eliminated and does not provide a dollar amount for the cuts. Canada, as the fourth-largest oil producer in the world, is the first country to comply with a 2009 pledge made by the Group of Twenty (G20) nations. The government plans to exempt oil and gas projects that have plans to reduce emissions and utilize carbon capture and storage (CCS) technology. Federal Environment Minister Steven Guilbeault stated that the objective is for federal support to be directed only towards projects that decarbonize the sector and result in significant greenhouse gas emissions reductions.