March 28, 2024 (Calgary, Alberta)
Canada is falling behind our international peers in attracting investment to enable major projects that power our economy, create jobs, and prosperity for Canadians because of our overly-complex and constantly changing policy environment. An emissions cap in British Columbia would be a duplicative and unnecessary step that will only drive more investment out of the Province, dragging down economic development and investment in clean technologies, while making little impact to global climate emissions.
B.C. has just finalized climate policy systems that will have a meaningful impact on the delivery of emissions reductions. The government should give these systems time to work and focus efforts on collaborative solutions that continue to drive down emissions, improve performance and position B.C. for long-term success and prosperity. Over the past decade, Canadian natural gas producers have reduced carbon dioxide equivalent emissions by 22 percent, lowered methane emissions by 38 percent while growing production by 35 percent.
An emission cap on one sector of the economy is an inefficient approach that harms the overall economy. Put plainly, it needlessly increases the cost of achieving B.C. climate objectives and reduces the opportunities for B.C.’s leading export sector. This will have a significant impact across many other sectors starting with higher energy costs which will increase the price of essential goods for British Columbians, including food, heating and transportation. The emissions cap would also have a direct impact on Indigenous communities with a decline in employment opportunities currently available and also hindering opportunities for economic reconciliation through equity partnerships.
Any emissions cap, nationally or provincially, will jeopardize B.C.’s prospects of becoming a globally significant energy trading hub for Canada while making virtually no impact on the rise of global emissions.
– Lisa Baiton, CAPP President and CEO