Canada mandates oil and gas firms to cut emissions by one-third by 2032

Canada is set to announce a new plan to cap emissions from the oil and gas sector. The government requires operators to reduce greenhouse gas emissions by one-third by 2032, compared to 2019 levels. The plan aims to limit emissions in 2030 to 35% to 38% below 2019 levels, with some flexibility allowing emissions to be 20% to 23% below those levels. The final legislation is expected by the end of 2024. The announcement has drawn criticism from industry leaders and business groups, who argue it could harm the economy and energy trade with the U.S. The government maintains its commitment to climate goals despite anticipated backlash.