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Canada's 2023 emissions edged lower however progress sluggish, report states

Canada's carbon emissions declined a little in 2023 from the previous year however need to fall much faster to satisfy Ottawa's 2030 climate target, the Canadian Environment Institute thinktank stated on Thursday.

WHY IT is essential

Canada is intending to cut climate-warming carbon emissions 40-45% listed below 2005 levels by 2030.

But an early quote of nationwide emissions, released by the institute 7 months before the federal government's main nationwide 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 approximated 702 million metric lots of carbon, a decrease of 1%, from the previous year. Emissions are now 8% listed below 2005 levels.

Oil and gas emissions rose 1% year-on-year due to flourishing production, and are now 12% greater than 2005 levels. The sector represent 31% of all Canada's emissions, more than any other market.

Transport and agriculture emissions likewise rose year-on-year, while the electrical energy and some other sectors recorded declines.

SECRET PRICES ESTIMATE

Our early estimate shows that rising oil and gas and transport emissions are offsetting gains made in electrical energy and buildings, slowing Canada's environment progress, said Dave Sawyer, primary financial expert 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 assist control the sector's emissions.

However, the policy faces strong resistance from the fossil fuel market and the opposition Conservative Celebration. Surveys show the Conservatives are most likely to beat the Liberals in the next federal election, which will take place by October 2025.

(source: Reuters)