Canada Implements Ambitious Emissions Cap for Oil-and-Gas Industry

Canada plans to implement a cap-and-trade system to impose greenhouse gas emission limits on its oil-and-gas industry, becoming one of the first major global oil producers to do so. The government aims to issue emissions allowances to producers, capping them between 35% and 38% below 2019 levels by 2030. These allowances will be gradually reduced until the industry achieves net zero emissions by 2050.