(Bloomberg) —Justin Trudeaus climate chief and Prime Minister Justin Trudeaus climate minister are ready to explain how Canada will reduce its carbon emissions while running the energy sector, moving a large, unheated nation onto electric vehicles.
A government emissions reduction plan, due to be submitted this month, is required by net-zero legislation last year. It will detail the specific actions that will be taken by the government to achieve its goal to reduce emissions by 40% to 45 percent below 2005 levels by 2030.
Canada’s government has been struggling to meet its climate goals for a long time, but Environment Minister Steven Guilbeault said that this plan will finally prove that they are more than just lofty talk.
Existing policies include phasing-out coal-fired electricity generation and adopting a Carbon tax – nationalGuilbeault stated that the country is on track to reduce emissions by 36%. It will be difficult to cross the threshold of 40%, however.
It won’t be cheap. According to a Royal Bank of Canada, the total spending required by both government and business over the next 30 years to bring Canada to net zero is C$2 Trillion ($1.6 Trillion). ReportIt stated that this equates to an annual spending of at least C$60billion a year, given current technologies, last fall.
Guilbeault declined information about the amount of spending he had requested from Chrystia Freiland, Finance Minister. He acknowledged that more is needed.
He stated in an interview that there is no way we can get there without investing every year. He added that the public cannot bear the cost of this transition alone. The government cannot fund the transition alone.
He mentioned the government’s upcoming issuances of C$5billion in green bondsAs an example of the private sector being brought on board, see, which is a first for the fourth-largest oil producer in the world.
Guilbeault (51), a former Greenpeace activistOne of the people who was arrested for scaling Toronto’s CN Tower was said that Canada cannot achieve its targets if it doesn’t reduce its oil and natural gas emissions. 10% of the nation’s total GDP is generated from energy.
The government’s plan will focus on reducing the amount of methane released by the industry. Guilbeault stated that methane can be reduced quickly and there are many technologies available.
His plan to reduce emissions comes at a time when oil prices are rising due to war in Europe. The minister said Oil’s $100 impactComplex. He said that higher oil prices could theoretically stimulate production, but that’s not what we are seeing. It hurts people at their pumps.
Another possibility is carbon capture technology Important measureThis is a controversial decision, but it is necessary. It will cost the industry tens to billions of dollars to implement, and it will be costly for government to pay. Finance the lion’s share It. This year’s budget includes details on a tax credit.
Some environmental groups have condemned the idea. In an open letter dated Jan. 19, scientists, academics, and energy system modelers wrote to Freeland urging them to reject a tax credit because it would be a substantial new initiative. fossil fuel subsidyThis would enable companies to increase their oil production.
Guilbeault referred to the Intergovernmental Panel on Climate Change (IGPCC), which recommends carbon capture to get to net zero. Guilbeault stated that it is impossible to have it both ways. He said that you can either trust the United Nations body on climate change or not.
He said that he believes that the industry must pay for it. However implementing carbon capture makes a lot more sense — not just for oil, but for all heavy industries.
Guilbeault explained that steel, aluminum and cement were used for the process. They also included transportation. We put in place regulations and also offered investment incentives. Either you believe in a fair transition or not. I don’t agree with those who think it is okay for all sectors to be helped, except the oil-and-gas sector.
Moving Canadians to electric vehicles is another difficult task. The government launched an initiative to move Canadians onto electric vehicles in the latter part of last year. Public consultationsGuilbeault praised Guilbeault’s mandate to make all new cars zero-emission by 2035. This mandate is crucial for getting the transportation sector on track towards meeting emission targets.
The minister acknowledged the many difficulties of increasing electric vehicle adoption, including the cost of electric vehicles and the assurance that drivers won’t be stranded on the roads in winter. He rejected the notion that Canada is in a unique situation.
Norway has done it, he stated, adding that he’s been there and seen fast-charging stations every 50 km (31 miles) along this highway. It’s cold country, but they are doing it. There is no reason why we shouldn’t do it.