July 15, 2021
In December 2020, the Canadian Government announced plans to exceed previous 2030 Paris agreement targets.
Under the Paris Agreement, Canada committed to reduce its GHG emissions to 30 per cent below its 2005 level of 739 Mt by 2030. This translates into a target of 505 Mt in 2030.
The April 2021 Federal budget included further measures to reduce emission to a target of 468 Mt in 2030.
The Oil and Gas sector accounted for 22% of Canada’s 2005 total, 26% of 2019 total, 27% of the total under the Paris Agreement and 30% of the April 2021 Budget forecast.
Announced in April before the June 2021 Leaders Summit on Climate, although post budget, a further reduction to 402-438 Mt of emissions.
The Parliamentary Budget Officer (PBO, independent/nonpartisan) released a report (Beyond Paris: Reducing Canada’s GHG Emissions By 2030) in June 2021 concluding that it would “take extraordinary measures to achieve [the ‘21 Budget] objective”.