Canada Limiting Oil and Gas Industry Emission

Crude Oil Production

Canada has announced a plan to use a cap-and-trade system to impose greenhouse gas emission limits on its oil and gas industry. Under the “draft framework,” Canada will issue emissions allowances to oil and gas producers, which will be capped at levels between 35% and 38% below 2019 levels, beginning in 2030. The government will then continue to lower allowances in stages until the industry reaches net zero by 2050.

Ottawa plans to finish drafting regulations by next year, with a final plan in place by 2026. Environment Minister Steven Guilbeault called the plan “ambitious” but “practical.” “It considers the global demand for oil and gas, and the importance of the sector in Canada’s economy, and sets a limit that is strict, but achievable,” Guilbeault said. This is all part of Prime Minister Justin Trudeau’s plan for Canada to achieve net-zero emissions by 2050, which he announced during his election in 2021.

Critics state that the timeframe is simply not achievable for the world’s fourth-largest oil producer and fifth-largest natural gas producer. Federal Energy Minister Jonathan Wilkinson admitted that the government is uncertain how they will implement these measures without shutting down production entirely. A failed execution “would essentially make us poorer in Canada and make our American friends or folks in Saudi Arabia or elsewhere richer,” he stated.

Globalists everywhere are making lofty pledges on the heels of the COP28 summit. The only rush comes when attempting to meet these arbitrary targets. The only reason governments are targeting 2030 and 2050 is because they were directed to do so by Klaus Schwab and the globalists at the World Economic Forum. It will be interesting to see the final plans for this idea that sacrifices Canada’s economic health for the climate change psyops.

Latest Posts

Market Talk – October 31, 2024

ASIA: The major Asian stock markets had a mixed day today: • NIKKEI 225 decreased 196.14 points or -0.50% to 39,081.25 • Shanghai increased 13.59 points or 0.42% to 3,279.82 [...]
Read more

PRIVATE BLOG – Gold Into the Election

PRIVATE BLOG – Gold Into the Election Private blog posts are exclusively available to Socrates subscribers. To sign-up for Socrates or to learn more, please visit Ask-Socrates.com. https://ask-socrates.com/
Read more

Will the Next Pandemic Come Before World War III?

The US, Mexico, and Canada are developing a cohesive framework to prepare for the next pandemic. The North American Preparedness for Animal and Human Pandemics Initiative (NAPAHPI) “recognizes that the high degree [...]
Read more

US GDP Rose 2.8% in Q3

According to data provided by the Commerce Department, the US economy grew 2.8% during Q3, beneath expectations of a 3.1% increase. GDP has slowed from the 3% posting during Q2. [...]
Read more