Clean version_ No gas in a Taxonomy brief 2

Given the potent global emissions should be ineligible for the warming potential of methane and the frequency of methane leaks during have made efforts to advocate that transportation, the full lifecycle ‘natural’ gas should be considered emissions from ‘natural’ gas can exceed sustainable.11 the emissions from coal.10 First, regarding production, the Methane ‘Natural’ Gas International Energy Age. [...] The extraction and The proposed sustainability labelling processing of oil and gas is the largest system, known as a taxonomy, aims to source of emissions in Canada13, and is clarify which investments align with a major reason Canada has failed to Canada succeeding on its climate meet historical emission reduction commitments. [...] For There are three main commercial example, the forthcoming Clean stages of ‘natural’ gas within Canada: Electricity Regulations effectively direct the extraction and production, use for the phase out of ‘natural’ gas in power energy, and export and transportation generation.17 For heating, similarly, for sale. [...] A and global demand for oil and ‘natural’ just transition in Canada means gas would plateau then decline.31 implementing a managed phase out of Experts highlight that wealthy countries fossil fuels.35 like Canada have to cut output of oil and gas by 74 per cent by 2030 and A Taxonomy in Canada must respect end production by 2034.32 the rights of Indigenous peoples and comply with the United Nation. [...] 4 Specifically, the Taxonomy research was led under the Sustainable Finance Action Council, with a mandate to “strengthen the mobilization of private capital in support of” the achievement of Canada's enhanced 2030 target; a net-zero emissions economy in Canada by 2050; and climate resilience and adaptation throughout Canada.