Latest market news

Cop: US election not affecting Canadian policy

  • : Crude oil, Emissions, Natural gas, Oil products
  • 24/11/12

Canada's government does not intend to alter its plans for cutting the country's greenhouse gas (GHG) emissions in response to the return of former president Donald Trump to the White House.

The expected shift in US policy following Trump's recent election victory, including the likely repeal of climate-related regulations and exit from the Paris Agreement, will have no effect on Canada's plans, environment minister Steven Guilbeault said during a call with reporters on Tuesday from the UN Cop 29 climate summit in Baku, Azerbaijan.

"It's not the first US administration where we have different views on climate change", he said. "That didn't stop us in the past."

The Canadian government, led by prime minister Justin Trudeau, has implemented or proposed a number of policies and programs intended to help the country meet its Paris pledge to reduce its emissions by 40-45pc, compared to 2005 levels, by 2030. Canada plans to submit a more-aggressive commitment, known as a nationally determined contribution, to the UN early next year, Guilbeault said.

The government last week proposed enacting a cap-and-trade program to reduce GHG emissions from the oil and gas sector, which has drawn sharp criticism from the industry.

Guilbeault's comments came in response to a question about remarks made by former finance minister Bill Morneau, who served in Trudeau's government from 2015-2020. During a recent interview with a Canadian news program, Morneau suggested scrapping the oil and gas cap in light of Trump's election.

"I respectfully disagree with minister Morneau", Guilbeault said. "The time to fight climate change is now. It's not tomorrow. It's not the day after tomorrow."

Speaking to reporters earlier in the day in Baku, Guilbeault declined to comment "on what the new administration will or won't do."

While Trump's election may not affect policy north of the border, Canada's Liberal Party could get voted out of power next year. The Conservative Party, which is well ahead in recent election polls, is campaigning on a platform that calls for ending the federal carbon tax and potentially other climate policies. But policies that have industry backing could survive. Canada must hold its next federal election no later than October 2025.


Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more