NEWS PROVIDED BY
Explorers and Producers Association of Canada (EPAC)
Dec 07, 2023, 10:23 ET
Explorers and Producers Association of Canada (EPAC)
Dec 07, 2023, 10:23 ET
CALGARY, AB, Dec. 7, 2023 /CNW/ - As previously stated, the Explorers and Producers Association of Canada (EPAC) remains fundamentally opposed to the imposition of an emissions cap on Canadian oil and gas production as contemplated in the Regulatory Framework released today by the Government of Canada.
Imposing an emissions cap on Canada's oil and gas producers, who are already achieving significant emissions reductions as shown in the Federal government's own data, is unnecessary and unacceptable. A federal emissions cap also introduces further uncertainty, including likely constitutional challenges.
To ensure Canadian producers can continue to responsibly produce the affordable and reliable energy that the world needs, while continuing to advance clean technology projects, our sector must compete for investment – this requires balance, pragmatism, and incentives instead of punitive measures like an emissions cap that further damage Canada's reputation as a place where projects are far too expensive, goalposts are uncertain, and environmental performance is not recognized.
Instead of promoting harmful measures that shift production to other jurisdictions – which will increase energy costs for Canadians – Canada should be focused on implementing incentives that are comparable to programs being offered elsewhere in the world. Government should be finalizing previously announced incentives, such as implementing a CCUS investment tax credit, and a workable program for carbon contracts for difference that provides carbon price certainty and supports multi-million dollar, multi-decade projects.
Canada's oil and gas producers will continue to come to the table as constructive partners on the advancement of policies that attract investment dollars and reduce emissions without impacting production. This includes ongoing implementation of methane reduction initiatives that are achieving world-leading performance.
About the Explorers and Producers Association of Canada (EPAC)
EPAC represents over 100 energy producers from start-ups to multi billion dollar public companies with head offices in Canada – representing about 45% of Canada's oil and gas production and over 150,000 jobs across the country.
Our member companies are delivering real emissions reductions and are producing more with less GHG emissions than just a few years ago, collectively investing hundreds of millions of dollars in abatement technologies.
SOURCE Explorers and Producers Association of Canada (EPAC)
For further information: For further comment from the Explorers and Producers of Canada, please contact: Jen Paterson, Director, Engagement and Communications, J.Paterson@explorersandproducers.ca