Details about the proposed emissions cap on oil and gas production

The federal government has released draft regulations requiring oil and gas companies to reduce their greenhouse gas emissions by one-third below 2019 levels over the next eight years, targeting 31% of Canada’s total emissions. The proposed regulations include a cap-and-trade system where companies can sell emissions allowances to stay compliant, invest in technology like carbon capture, or purchase offset credits. The industry is skeptical, warning of decreased investment and jobs, while environmental groups support the changes but call for earlier implementation and closing of loopholes.

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