Trudeau Pledges Tighter Rules for Oil Companies to Cut Emissions

Source: By Kait Bolongaro, Bloomberg • Posted: Monday, August 30, 2021

Prime Minister Justin Trudeau said his government would require Canada’s oil and gas sector to set benchmarks to reduce emissions if he is re-elected.

In a platform published Sunday, the Liberals pledged to force oil and gas companies to set five-year targets to cut their emissions with the aim of reaching net zero emissions by 2050. The program would begin in 2025. Part of the plan includes a C$2 billion ($1.6 billion) fund to create green jobs in oil-producing regions.

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

The announcement comes as the nation’s election campaign enters its third week. Trudeau’s chances of regaining his lost majority in the nation’s legislature are growing slimmer as his main rival, Conservative Erin O’Toole, has overtaken the Liberal leader in recent polls, according to the Canadian Broadcasting Corp.

Trudeau would also require that all cars sold in Canada to be zero emissions by 2035, with a target of 50% by 2030. He also pledged to make the nation’s electricity grid net zero emissions by 2035 and end thermal coal exports by 2030.