Canada’s Building Trades Unions (CBTU) is pleased with today’s announcement from the federal government on the oil and gas regulatory framework that will put a cap on emissions starting in 2030. While CBTU recognizes the necessity of slowly transitioning away from Canada’s dependence on oil and gas to greener energy sources, we also know that Canada will continue to rely on energy from oil and gas for the foreseeable future to power our homes, schools, hospitals, and businesses. Many Building Trades members are employed in the oil and gas sector, and the industry is critical to our economy.
“It is essential we get this cap-and-trade system done correctly in order to ensure investor confidence and secure employment for tens of thousands of Building Trades members,” said Sean Strickland, Executive Director of Canada’s Building Trades Unions.
CBTU supports the flexibility offered by the announcement, including the creation of a decarbonization fund that will be funded through payments from the sector to get to the stated goal of reducing emissions 35 to 38 per cent below 2019 levels. The fund will invest in the reduction of future gas emissions.
During the 60-day period seeking public input, CBTU looks forward to reviewing the draft framework more closely to understand its full implications. We recognize finding the balance between reducing emissions while maintaining production is tricky, and CBTU is supportive of a regulatory regime that works to achieve this balance.
