Canada releases draft regulations to cap pollution, drive innovation, and create jobs in the oil and gas industry

"On November 4, 2024, the Environment and Climate Change Canada issued an update regarding 'Canada releases draft regulations to cap pollution, drive innovation, and create jobs in the oil and gas industry'. The government introduced draft regulations to put a clear limit on greenhouse gas pollution from oil and gas production, setting a cap of 35% below 2019 levels.

The proposed regulations aim to incentivize companies to invest in cleaner production processes while supporting good jobs and reducing costs for Canadians. This move is part of a suite of measures to cut pollution, including financial supports for carbon capture and storage technologies. By implementing this cap, Canada aims to drive innovation, create jobs, and remain competitive as the global economy decarbonizes."