Canada's 2023 emissions edged lower but progress slow, report says
Tweet
Share
E-mail(Reuters) - Canada's carbon emissions declined slightly in 2023 from the previous year but need to fall much faster to meet Ottawa's 2030 climate target, the Canadian Climate Institute think-tank said on Thursday.
WHY IT'S IMPORTANT
Canada is aiming to cut climate-warming carbon emissions 40-45% below 2005 levels by 2030.
But an early estimate of national emissions, released by the institute seven months before the government's official national inventory report, shows slow progress towards the target and that emissions from the oil and gas sector continue to rise.
BY THE NUMBERS
Total 2023 emissions were an estimated 702 million metric tons of carbon, a decrease of 1%, from the previous year. Emissions are now 8% below 2005 levels.
Oil and gas emissions rose 1% year-on-year due to booming production, and are now 12% higher than 2005 levels. The sector accounts for 31% of all Canada's emissions, more than any other industry.
Transportation and agriculture emissions also rose year-on-year, while the electricity and some other sectors recorded declines.
KEY QUOTES
"Our early estimate shows that rising oil and gas and transportation emissions are offsetting gains made in electricity and buildings, slowing Canada's climate progress," said Dave Sawyer, principal economist at the Canadian Climate Institute.
WHAT'S NEXT
Prime Minister Justin Trudeau's Liberal government has proposed an oil and gas emissions cap from 2026 to help rein in the sector's emissions.
However, the policy faces strong resistance from the fossil fuel industry and the opposition Conservative Party. Polls show the Conservatives are likely to beat the Liberals in the next federal election, which will take place by October 2025.
(Reporting by Nia Williams in British Columbia; editing by Diane Craft)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Vatican to build €100 million renewable energy plant, sources say
- US, Iran keep up hostile rhetoric ahead of new sanctions
- Judge narrows Ben & Jerry's lawsuit accusing Unilever of silencing social activism
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
