Question Period Note: Cap and Cut Emissions from Oil and Gas Sector

The Government published draft regulations to implement the oil and gas emissions cap in fall 2024.

• We are considering the path forward in the context of broader efforts to support sector decarbonization. The Government will work with the sector, provinces and territories, and Indigenous communities to promote clean innovation and the adoption of technologies to reduce emissions, including carbon capture, utilization, and storage.
• The Government of Canada is considering the path forward in the context of broader efforts to support sector decarbonization.

• The proposed Oil and Gas Sector Greenhouse Gas Emissions Cap Regulations were published November 9, 2024, in Canada Gazette Part 1 for a 60-day public consultation period. The government received significant feedback from provinces and territories, industry, and other stakeholders.
• Although the world is on a low-carbon trajectory, fossil fuel demand is expected to continue for several years, with reputable forecasts suggesting it could peak within a decade. With the right investments, and a clear focus on avoiding the lock-in of emitting technologies, Canada can produce among the cleanest oil and gas products in the world and capitalize on its reputation as a nation committed to both decarbonization and social license in order to diversify markets and support the energy transition.

Non-applicable