Ottawa Introduces Regulations Requiring Oil and Gas Companies to Cut Emissions by One-Third

Oil and gas companies will be required to reduce emissions by one-third by the year 2032 under new regulations announced on Nov. 4 by Environment Minister Steven Guilbeault. The draft regulations call for upstream oil and gas operations to lower their greenhouse gas emissions by 35 percent below 2019 levels sometime between 2030 and 2032.  The regulations will be published on Nov. 9 and be open for consultation until Jan. 8, 2025, while the final regulations are expected to be published in the spring of 2025. The regulations are expected to come into force in 2026. Speaking to reporters in Ottawa, Guilbeault argued the measures were necessary because oil and gas sector accounts for a third of Canada’s greenhouse gas emissions. He said oil companies should contribute more to “pollution-cutting projects” as operating profits in the sector have risen “tenfold” from $6.6 billion in 2019 to $66.6 billion in 2022....