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Oil Likely To Hit $200: SEB Group

Canadian Liberals Vow Stricter Emission Regulation On Oil Industry

The oil industry of Canada is facing more stringent regulation if the Liberals win the next election, according to a new platform published this weekend.

In it, the ruling party of PM Justin Trudeau wrote that it will work towards making the country’s oil and gas sector net-zero by 2050 by “Making sure the oil and gas sector reduces emissions from current levels at a pace and scale needed to achieve net-zero by 2050, with 5-year targets starting in 2025,” and by “Requiring oil and gas companies to reduce methane emissions by at least 75% below 2012 levels by 2030.”

The platform also states that the Liberals will work towards phasing out thermal coal exports and imports by 2030 as part of efforts to achieve a net—zero electricity grid by 2035. This goal will also involve setting a clean energy standard, adding more tax credits for low-carbon energy projects and setting up a Pan-Canadian Grid Council, whose purpose would be to “make Canada the most reliable, cost-effective and carbon-free electricity producer in the world.”

“A serious plan for the environment is a plan for the economy,” Justin Trudeau, leader of the Liberal Party, told Bloomberg. “We have done more to fight climate change and protect our environment than any other government in Canadian history.”

The plan paid out in the pre-election platform also includes more incentives for Canadians to buy electric vehicles with a view to having half of new car sales be EVs by 2030 and all new cars sold in the country are net-zero by 2035. To this end, the next Liberal government promises to extend an EV consumer rebate of $3,960 (C$5,000) to half a million Canadians, and building 50,000 new charging stations across the country.

The platform also envisages supporting measures for the Canadian oil and gas industry, featuring a $1.58-billion (C$2-billion) Futures Fund for Alberta, Saskachewan, and Newfoundland and Labrador, which the platform says will seek to ensure the energy transition is just and provide oil and gas workers with training “to succeed in the net-zero future.”

By Irina Slav for Oilprice.com

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