‘Unrealistically Ambitious’: CIBC on Feds’ Oil and Gas Emissions Cap Goal for 2030

Ottawa’s push to have oil and gas companies cut emissions by at least one-third of 2019 levels by 2030 is not only “unrealistically ambitious” but also risks curtailing production, CIBC says. “The timing of the cap remains unrealistically ambitious, and hence would make it onerous if implemented,” wrote CIBC Capital Markets analysts Shaz Merwat and Dennis Fong in a Dec. 7 note to clients, as reported by Yahoo Finance. The federal government had unveiled the emissions cap plan that same day—requiring the oil and gas industry to cut emissions by 35 to 38 percent below 2019 levels by 2030. Environment Minister Steven Guilbeault, who announced the plan at the United Nations Climate Change Conference in Dubai, the United Arab Emirates, said that “pollution from the oil and gas sector is still going up” and that the emissions cap would “establish a pathway to carbon neutrality by 2050.”...