The Canadian Association of Petroleum Producers (CAPP) has expressed concerns over the federal government's initiative to have the oil and gas sector significantly reduce its emissions. The ambitious plan, aiming to combat climate change, has been met with trepidation by industry leaders, who fear that the drastic cuts may pose a significant challenge to the sector's growth and stability. CAPP, which represents the country's oil and gas industry, is urging a reconsideration of this plan in favor of a more balanced approach that supports environmental objectives without jeopardizing Canada’s economic landscape.
1. The Canadian Association of Petroleum Producers (CAPP) has concerns over the federal government's initiatives to drastically reduce emissions in the oil and gas sector.
2. The industry leaders fear that these massive emission reductions can pose a challenge to the sector's growth and stability.
3. CAPP, representing the national oil and gas industry, is advocating for a balanced approach to support environmental objectives without endangering Canada's economy.
4. CAPP asserts that the Canadian oil and gas industry is a major investor in clean technology, hence, they argue for a practical approach fostering innovation and competitiveness.
5. The CAPP insists that the emission reduction targets should be achievable and should not exert excessive pressure on the industry that could negatively impact the economy.
In 2018, the oil and gas sector was the largest greenhouse gas emitter in Canada, accounting for 26% of national emissions.
The CAPP highlighted that while they share the same ambition of reducing emissions, the approach taken by the federal government poses significant concerns. According to the Association, the oil and gas industry in Canada is one of the country's leading investors in clean technology. Hence, they believe a strategic, practical approach that fosters innovation and maintains competitiveness should be encouraged. The CAPP emphasizes that the reduction targets should be achievable and not put undue pressure on the industry that could potentially harm the economy.