Written submission for the Regulatory Framework for an Oil

As part of our Climate Solutions Program, we aim to identify strategies to achieve net-zero emissions in the electricity and energy sectors, hence our participation in the Regulatory Framework for Oil and Gas Greenhouse Gas Emissions Caps submission process. [...] What process should be established to review the emissions cap trajectory for the post-2030 period? Canada must set its emissions cap in line with the Paris Agreement's goal of limiting global warming to 1.5 C. [...] The emissions cap aims to achieve actual reductions in oil and gas emissions in order to achieve climate goals, not speculative investments in costly and unproven technologies like Carbon Capture and Storage (CCS). [...] How should the proceeds from the decarbonization funding program be distributed? How should contributions be used to support decarbonization of the oil and gas sector? Oil and gas companies must not use payments to the decarbonization fund to meet their allowances. [...] Including offsets in the emissions cap allows the oil and gas sector to sidestep direct reductions in its own operations.