"Canada's Fossil Fuel Industry Faces 35% Emission Reduction Target by 2030"
Canada has announced that its fossil fuel industry will be required to cut emissions by 35% to 38% below 2019 levels starting in 2030. The government plans to implement a national cap-and-trade system to limit emissions from the oil and gas sector. The policy aims to achieve Canada's goal of reaching net-zero emissions by 2050. The proposed framework would cover all greenhouse gas emissions and apply to oil and gas companies, offshore facilities, and liquefied natural gas producers. However, the policy has faced opposition from Alberta's premier, who intends to challenge it. Environmental groups argue that the proposed cap is not ambitious enough to address the urgent need for a phase-out of fossil fuels. Draft regulations will be published in mid-2024 with industry input.