Canada will meet its greenhouse gas emission reduction targets, although oil companies may need more time, said Environment and Climate Change Minister Steven Guilbeault.
The minister told CBC radio on Saturday that the oil and gas industry may need a little more “flexibility” in meeting interim emission reduction targets. He did not specify how Canada would achieve these targets, despite this delay. Mr. Guilbeault said Monday that the companies concerned would still be obliged to meet the targets by buying carbon credits, during a press conference as part of an announcement on the labeling of recycled plastic. ” I was [extrêmement] clear, he added. Companies will have to achieve their goals. What we do is that, for a short period of time, we give them access to these market mechanisms. »
Reduction of 22 megatons
The federal government wants to reduce emissions from all sectors by 40% to 45% below the 2005 threshold by 2030, with a view to achieving carbon neutrality by 2050 and complying with the Paris Agreement on the climate. However, industry members say these deadlines are unattainable. The Alliance Pathways, a group that includes six companies representing 95% of Canada’s oil sands production, predicts that it will be able to reduce its CO2 emissions.2 22 megatonnes by 2030. This represents a 27% reduction in emissions from the oil sands sector compared to 2019. However, the federal objective calls for a reduction of 38% instead.
The minister said on Monday that the industry had mentioned that it would take ten years to build the infrastructure necessary to meet the 2030 targets. “That brings us to 2032. […] If some companies need an additional period to reach their target, it will be possible to use the flexibility mechanisms [échange de crédit de carbone]. »
Although the oil and gas industry accounts for 26% of CO2 of Canada in 2019, Mr. Guilbeault affirms that recourse to the carbon market will be “very limited” in relation to the country’s emissions as a whole. “It could represent, because it’s not certain that we’re going to need it, 3% of the reduction target for Canada in 2030.”
He used New Zealand as a comparison. “New Zealand achieves 30% of its targets through market mechanisms. We say: “it may be 2% or 3%”. We make a use of it that is very limited in quantity and very limited in time since we are going to give them two years to use these mechanisms. »