A conveyor moves dirt in Suncor’s Millennium mine in the oilsands in Fort McMurray Alta, on Monday June 13, 2017. Canada’s biggest oilsands producers say they will spend $16.5 billion before 2030 on the first stage of a massive proposed carbon capture and storage facility near Cold Lake, Alta. THE CANADIAN PRESS/Jason Franson
The federal government has released proposed guidelines on what investments should be considered worthy in the fight against climate change.
Clarity around what’s considered eligible is meant to increase investment in these areas to help close a climate spending gap that in Canada alone is estimated to be upwards of $115 billion a year.
The taxonomy report written by the Sustainable Finance Action Council proposes to include both widely accepted green investments like solar panels and electric vehicles, as well as a more contentious “transition” category for emission reduction efforts in heavy industry, including the oilsands.
Environmental groups have criticized the inclusion of oilsands-related investments, as well as so-called blue hydrogen, in the transition category, as they say such projects will still have significant emissions even with reduction efforts, and there are clear alternatives.
The council proposes that there be intensifying restrictions around what emission-reduction efforts on fossil fuel projects would be eligible, but says that there will still be oil and gas demand for decades so it’s also important to reduce emissions on existing production.
The proposed rules would disqualify any coal projects or the development of new oilfields from being included, but there is still much to be worked out in terms of details.
This report by The Canadian Press was first published March 3, 2023.
The Canadian Press
- 0079 Ministry of Energy Business_incentive PO0079 Ministry of Energy Business_incentive PO
- 0078 LHOS 20240078 LHOS 2024
- 0077 Caprice Resources Stand Up For Free Speech0077 Caprice Resources Stand Up For Free Speech
- 0053 Kingston Midstream Westspur Alameda0053 Kingston Midstream Westspur Alameda
- 0076 Latus only0076 Latus only
- 0073 SaskWorks-Pipeline Online0073 SaskWorks-Pipeline Online
- 0063 Turnbull Excavating hiring crusher0063 Turnbull Excavating hiring crusher
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0058 Royal Helium Steveville opens anonymous rocket0058 Royal Helium Steveville opens anonymous rocket
- 0055 Smart Power Be Smart with your Power office0055 Smart Power Be Smart with your Power office
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0046 City of Estevan This is Estevan0046 City of Estevan This is Estevan
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0011
- 0006 JK Junior
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001