Morning Update: Ottawa plans cap-and-trade system to cut oil and gas emissions, but targets lower than expected

News Snapshot:

Good morning, Ottawa’s long-awaited emissions cap on oil and gas will be imposed through a cap-and-trade system, but will require fewer reductions from Canada’s heaviest polluting sector than the industry feared, according to three sources. The new policy will take effect in 2030, requiring a significant cut in emissions that year, the sources said. The cap will be less stringent at the beginning than many had expected. However, between 2030 and 2050, the cap will be incrementally lowered as the country moves to a net-zero economy by mid-century. The policy has raised concerns from Alberta and sets up yet another...