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In 2023, the Government of Canada announced plans to limit oil and gas sector emissions by introducing a cap-and-trade system. The proposal, which would be phased in from 2026, aims to reduce emissions from this sector by ** to ** percent by 2030, relative to 2019 baseline levels, resulting in emissions of between *** and *** million metric tons of carbon dioxide equivalent (MtCOâ‚‚e). The framework also provides compliance flexibilities that would allow the industry to emit an additional ** MtCOâ‚‚e using compliance credits. This legal upper bound concept would allow 2030 emissions to be as high as *** to *** MtCOâ‚‚e, or ** to ** percent below 2019 baseline levels.

The oil and gas sector accounted for almost ** percent of Canada's total emissions in 2021, making it the country's most polluting sector.