GOVERNMENT POLICY AND INDUSTRY HIGHLIGHTS

This update serves as a recap and reference point for our Members regarding the latest policy impacts on the energy market as well as industry trends. We will continue to monitor and communicate any policy changes directly to Members as they happen.

NATIONAL POLICY & RESEARCH UPDATES

Canada is racing to net zero. But do we have the data to get us there?

Experts say there’s an information hole that needs to be plugged so we can better anticipate what kinds of policies we need to attain Canada’s ambitious goal of reaching net-zero carbon emissions by 2050. “Information, solid information, is a prerequisite to a good strategy, a good plan. So that’s the situation we’re in right now, where people need the best information they possibly can get, the best data analysis and modelling,” said Dan Wicklum, co-chair of the Net-Zero Advisory Body. The organization’s annual report, released in January, called for better information and data on Canada’s emissions and climate policies.

Report says CCUS is not a solution for Canada’s oil and gas emissions

Providing billions more in additional government support to capture emissions from Canada’s oil and gas production is not aligned with credible net-zero pathways and Canada’s near-term emissions-reduction targets, according to new International Institute for Sustainable Development (IISD) research. The IISD analysis finds that the five carbon capture, utilization, and storage (CCUS) projects currently operating in Canada’s oil and gas sector capture about 2.7 million tonnes of CO2 equivalent per year — only 1.3 per cent of the sector’s pre-pandemic emissions. The full policy brief is available here.