Clean Prosperity Western Director Adam Sweet made the following statement about the federal government’s draft regulations to cap emissions from Canada’s oil and gas sector, released today:

“The federal government’s proposed emissions cap is the wrong policy. The new regulations couldn’t arrive at a worse time.”

Adam Sweet, director for Western Canada, Clean Prosperity

“The federal government’s proposed emissions cap is the wrong policy. The new regulations couldn’t arrive at a worse time.

“Layering on a new cap-and-trade system for oil and gas producers adds uncertainty and regulatory complexity that risks undermining investment in emissions reductions just as we’re getting close to landing significant new decarbonization projects here in Alberta. 

“As Clean Prosperity has argued for the past two years, a much better approach to driving emissions reductions would be to optimize Canada’s existing industrial carbon pricing systems, reinforced by carbon contracts. Improving industrial carbon pricing is a more durable approach that would help leverage current and planned emissions reductions projects.”

“We can reduce emissions, seed new low-carbon investment, and create good jobs both in the oil and gas sector and right across the Canadian economy if the federal and provincial governments work together to make industrial carbon pricing work better.”

Adam Sweet, director for Western Canada, Clean Prosperity

“We can reduce emissions, seed new low-carbon investment, and create good jobs both in the oil and gas sector and right across the Canadian economy if the federal and provincial governments work together to make industrial carbon pricing work better.

“Alberta has the biggest and longest-running industrial carbon pricing system in Canada. The federal government’s emissions cap risks undermining the effectiveness of industrial carbon pricing in Alberta. 

“Alberta can and should take measures to fine-tune industrial carbon pricing that will further accelerate emissions reductions from industry and help grow a prosperous low-carbon economy. 

“Improving Alberta’s industrial carbon pricing system starts with offering broad-based carbon contracts, and requires tightening the stringency of emissions benchmarks and publishing carbon credit transaction data.”

For more information, contact: media@cleanprosperity.ca.

_{Photo credit: WherezJeff}