WTI crude oil futures sank…
It is set to be…
Canada will ban thermal coal exports by 2030, Prime Minister Justin Trudeau said at the COP26 climate summit in Glasgow.
The ban is part of the efforts to put an end to coal emissions, which is "one of the single most important steps the world must take in the fight against climate change," according to the PM's office.
The Canadian government will also provide $810 million (C$1 billion) to help coal-dependent countries accelerate their move to lower-carbon energy sources.
"This investment will lead to the successful implementation of country-level strategies and associated kick-start projects, build support at the local and regional levels, and accelerate the retirement of existing coal mines and coal power plants, while enabling new economic activities and contributing to a socially inclusive and gender equal transition," the statement said.
"Climate action can't wait," Trudeau said at COP26, as quoted by Mining.com. "Since 2015, Canada has been a committed partner in the fight against climate change, and as we move to a net-zero future, we will continue to do our part to cut pollution and build a cleaner future for everyone."
Canada is one of the top ten coal exporters globally as well as one of the top five oil producers. While forecasters expect oil production in Canada to continue growing through 2050, PM Trudeau announced that the government was planning on capping emissions from the industry and making it a net-zero industry by that year.
"To help do this at a pace and scale needed to achieve the shared goal of net zero by 2050, the government will set 5-year targets, and will also ensure that the sector makes a meaningful contribution to meeting Canada's 2030 climate goals," the PM's office said in its statement.
The industry reacted with concern that this was a "reckless" move and that the government was setting targets that it did not know how to hit, CBC reported, citing the chief executive of Whitecap Resources.
"Setting out virtue-signaling commitments with no real firm targets is dangerous, and it's reckless because at the end of the day, this is about the things that we can't live without — food, heat, clothing and transportation," said Grant Fagerheim said.
By Charles Kennedy for Oilprice.com
More Top Reads From Oilprice.com:
Charles is a writer for Oilprice.com