Ottawa’s proposed oil and gas cap could lead to revenue losses of $43 billion, slash 34,000 jobs: report

REGINA — A report from a tribunal appointed by the Saskatchewan Party government says a proposed federal emissions cap and methane regulations would cause severe economic damage.

The tribunal report, struck by Justice Minister Bronwyn Eyre, says the mandates would reduce oil and gas production and cause government revenue losses of $43 billion by 2050.

It also says up to 34,000 people would lose their jobs by that year.

The federal draft regulations have proposed a ceiling on oil and gas emissions to slow the effects of climate change.

The rules would require industry to cut emissions by 35 to 38 per cent of 2019 levels by 2030.

The report says the requirements won’t reduce global emissions, and it argues oil production will ramp up in other countries if Canada imposes a cap.

This report by The Canadian Press was first published Sept. 24, 2024.

The Canadian Press