Sharm El-Sheikh – Statement from Steven Guilbeault, Minister of Environment and Climate Change, on the United States multi-country Declaration to cut emissions from the oil and gas sector announced at the United Nations Climate Change Conference (COP27):
“Canada joins our continental ally, energy partner, and largest mutual trading alliance in a shared commitment to reduce emissions from the oil and gas sector. Canada welcomes the ambition outlined in the Declaration to focus on solutions to lower methane emissions, which is also a priority for the Government of Canada.
“Past climate actions by the Government of Canada, the oil and gas producing provinces, and the industry, provide a solid foundation to reduce emissions in the years ahead. With oil and gas profits reaching record heights, now is the time for those companies to invest in positioning themselves for future success in a decarbonized world economy.
“In fact, Canada’s largest oil and gas companies have committed to reach net-zero emissions by 2050, and many are making significant investments to further reduce their methane emissions. We welcome and encourage this commitment. The Government of Canada is reinforcing these efforts with new regulations to cap and cut emissions in the oil and gas sector, including regulations to cut methane from oil and gas by at least seventy-five percent from 2012 levels by 2030, clean fuel regulations, and funding to clean up orphan wells, as well as tax incentives for carbon-capture technologies and the development of clean fuels and technologies, such as hydrogen, biomethanization, and more.
“Climate change won’t wait for us. We have a short decade of opportunity for a smooth transition toward an economy powered by clean energy that supports good, sustainable jobs, and a liveable planet. Working together, we can make it happen.”