Oil and gas producers in Canada are mandated to reduce greenhouse gas emissions by approximately one-third within the next eight years, as outlined in new draft regulations by Environment Minister Steven Guilbeault.
The proposed regulations will require emissions to decrease to 35% below 2019 levels by 2030-2032, although the sector has already seen a 7% reduction from 2019 to 2022. Guilbeault emphasized that these reductions can be achieved using existing technology without necessitating cuts in production, which is projected to rise by 16% by 2032. The regulations do not specify how companies should meet the targets but they seem to suggest that methane reductions will contribute significantly to the cuts.
You can read more details in this BOE Report article – https://boereport.com/2024/11/04/oil-gas-companies-told-to-cut-emissions-by-one-third-under-planned-cap/
