Canada plans to reduce emissions from the oil sector by 75% by 2030

By : Dr. Franyi Sarmiento, Ph.D., Inspenet, March 30, 2022.

The Government of Canada unveiled its new climate action plan, which calls for a 75% reduction in emissions from the country’s oil sector over the next eight years to meet the 2030 targets.

Canada has committed to reducing emissions by 40% compared to 2005 levels. According to the plan presented today by Environment Minister Steven Guilbeault, the oil sector must stop emitting 81 megatons of greenhouse gases and reduce emissions from 191 to 110 megatons.

Canada is the fourth largest oil producer in the world, behind only the United States, Saudi Arabia and Russia, with 5.3 million barrels of oil per day in 2020.

To meet the 2030 goal, the Canadian government plans to spend C$9.1 billion (approximately US$7.28 billion). By 2030, Ottawa plans to increase the price per ton of carbon dioxide emissions from C$50 to C$170 (US$40 to US$136).

Canada will use the new funds to accelerate the transition to electric vehicles by installing charging stations and providing subsidies to consumers who want to replace their traditional vehicles.

By 2035, all new passenger vehicles sold in the country are expected to be zero-emission.

Liberal Prime Minister Justin Trudeau’s government will also provide financial assistance to make housing reform and energy efficiency more affordable.

Trudeau added that drastic emissions reductions are “critical to building a strong economy in the 21st century” and that the plan unveiled today will improve environmental quality, create jobs and provide “a better future for all.”

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