Canada Announces Plan to Slash Oil and Gas Emissions 35% by 2030 [Video]

The Canadian government has issued a draft of new regulations for greenhouse gas emissions produced by oil and gas. The rules would limit Canada’s emissions to 35 percent below 2019 levels by 2030.

Most fossil fuels coming from Canada are produced in the oil sands of Alberta, with the United States as the largest importer.

“We’re asking the oil and gas sector to invest their record profits into pollution cutting projects,” Steven Guilbeault, Canada’s minister of environment and climate change, told a news conference, as The New York Times reported. “Every sector must do its part. Oil and gas companies are no exception.”

Guilbeault said profits from the oil and gas sector reached roughly $48 billion in 2022, reported Reuters.

“We’ve worked carefully to develop what is technically feasible for the sector, to keep industry accountable to their own promise to be carbon neutral by 2050,” Guilbeault said, as Reuters reported.

The cap-and-trade systemcreated by the regulations …