Page 2 - Emissions Cap News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The COP28 decision to transition from fossil fuels should be coupled with stronger climate action against oil and gas production.

As leaders around the world gathered at the 28th meeting of Conference of the Parties to the United Nations Framework Convention on Climate Change COP28, the Federal Government released details for a number of policy initiatives targeting greenhouse gas emissions GHGs or emissions in the oil and gas sector, including proposed amendments to federal methane regulations and a federal framework for an oil and gas emissions cap.

Canada’s emissions cap, which will follow a cap-and-trade model, aims to limit emissions from the oil and gas sector at 35 to 38 per cent below 2019 levels.

Although Alberta may argue the cap is a backdoor attempt to manage oil and gas, an economist said the Supreme Court has determined Ottawa has the right to manage toxic emissions.

The proposed emissions cap would involve a cap-and-trade system that provides for some flexibility in reaching targets by allowing emitters to purchase offset credits or pay into a decarbonization fund to lower requirements to 20-23%