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Canada Proposes Regulations to Cap Carbon Emissions
7th November 2024
On Monday, 4 Nov. 2024, the Canadian government released draft regulations to cap carbon emissions from upstream oil and gas facilities and reduce greenhouse gas (GHG) pollution by 35% below 2019 levels by 2030. The new draft regulation offers tax credits for emissions reductions and introduces a cap-and-trade system to incentivize lower emissions from fossil fuel production activities. Companies that do not meet their emissions targets will have the option to contribute to a fund supporting carbon reduction programs.
The new draft regulation is part of a suite of measures by the government to reduce carbon pollution, including last year’s release of Canada's 2030 Emissions Reduction Plan aimed at cutting emissions by 40-45% below 2005 levels by 2030, and including the government’s June 2024 announcement of an investment tax credit for CCS and other clean energy technologies.
The government intends to publish the final regulation in 2025, following a consultation period from November 9, 2024, to January 8, 2025.
Read more here.