Written Submission for the Pre-Budget Consultations in Advance of the 2024

Canada should work with industry and provinces on other effective and collaborative solutions that build on existing proven policy measures to deliver emission reductions in the short term and to position Canada and our energy industry for success in the long term. [...] The additional layering of cost from an emissions cap, coupled with the lack of protections for emissions- intensive trade-exposed (EITE) sectors, lack of realistic production projections and limited flexibility presented in the proposed framework will make further investment into the Canadian oil and natural gas sector more challenging and result in a decline in production. [...] We encourage Canada to establish measures that incent reductions in methane, encourage carbon capture utilization and storage (CCUS), electrification, and energy efficiency, and to stop taking actions that slow investment in projects that contribute to advancement of continued emission reduction progress in these areas and improve energy security in Canada and the world. [...] We believe the conventional upstream oil and gas industry can achieve increased methane reductions with much greater efficiency and we are prepared to work with ECCC and the provinces to achieve that goal. [...] With the fourth largest oil reserves4 on the planet and being the fifth largest natural gas producer in the world5, Canada has great potential to grow its market share and become a preferred global supplier of responsibly produced energy.