Canadian Association of Petroleum Producers (CAPP)

Canada is the only major oil and natural gas producer in the world implementing an emissions cap. Global oil demand is expected to be 100 million barrels a day for over the next decade.

Other major oil and natural gas producers know an emissions cap is a bad idea. Why doesn’t Canada?

Oil and natural gas make up over 20% of Canadian exports. An emissions cap that leads to production cuts could make life more expensive for Canadians.

It’s a bad policy—at a bad time.

Agreed.

The emissions cap is the wrong policy at the wrong time.

CAPP was pleased to host the 2024 Offshore Environmental Forum on November 27th, bringing together representatives from the fishing and petroleum industries, Indigenous Groups, regulators, and the federal and provincial governments to discuss mitigating environmental impacts of offshore oil and gas activities. It was a great day of information sharing and networking with a focus on collaboration.

Oil and natural gas is one of Canada’s most productive sectors and represents over 20% of our exports.

National Post: ….”[Guilbeault’s] remarks also come at a time when several influential figures are calling for Canada to adopt more pragmatic energy policies in anticipation of the second Trump presidency, including some of Guilbeault’s fellow Liberals. “It is time to stop dithering around with domestic policy that kills our biggest GDP generators and job creators, like the emissions cap, and move with alacrity to support our most productive industries,” said LISA BAITON, president and CEO of the Canadian Association of Petroleum Producers on Tuesday in response to Trump’s announcement. MARK CARNEY said that Canada should be more aggressive in using energy as a source of leverage in trade negotiations with the U.S. “We need to be an essential trading partner of theirs…We need them to want to trade with us…..And that’s energy,” Carney continued, pointing to Canada’s most powerful bargaining chip versus the U.S. Former Liberal finance minister BILL MORNEAU expressed similar sentiments in a television interview earlier this month, discussing the smaller, 10-per-cent tariff that Trump had originally promised during his presidential campaign. “We’re going to need to think about whether we focus on energy security in a way that makes up clearly an important part of the U.S. sector that way,” said Morneau in reaction to Trump’s election. “And that means, we have to ask ourselves, is it really the right time for caps on emissions?”

A less competitive Canada means less investment, which means fewer jobs, lower government revenue, and less economic growth.