Greenhouse gas emissions from the oil and gas sector have risen 20% since 2005 and now makes up 26% of Canada’s total emissions, making it the largest emitting sector in the country.
Climate change isn’t just an environmental issue, it’s a competitiveness issue for the oil and gas sector. The climate science is clear and global investors are clear, the oil and gas sector must accelerate its efforts to get on a path to net-zero emissions.
That is why a re-elected Liberal Government will put in place a decisive plan to ensure the oil and gas sector reaches net-zero emissions by 2050.
A re-elected Liberal government will:
- Make sure the oil and gas sector reduces emissions at a pace and scale needed to achieve net-zero by 2050, with 5-year targets to stay on track to achieving this shared goal. And driving down pollution starts with ensuring that pollution from the oil and gas sector doesn’t go up from current levels.
- Set 2025 and 2030 milestones based on the advice of the Net-Zero Advisory Body to ensure reduction levels are ambitious and achievable and that the oil and gas sector makes a meaningful contribution to meeting the nation’s 2030 climate goals.
Fortunately, Canada’s largest oil and gas companies are already committed to achieving net-zero emissions by 2050. These actions will incentivize clean innovation and the adoption of clean technologies, including carbon capture, utilization, and storage (CCUS).