The report says that about half of the G20 members — 19 countries with advanced economies and the European Union together — are on track to meet their current emissions reduction targets by 2030, but these targets are far too low. If each G20 member does not drastically increase its targets, the G20 will produce more emissions overall in 2030 than it does today, Climate Transparency said. GDP will be significantly lower than the “Promised Policy” case The bill does not provide for an enforcement mechanism and does not add additional spending to achieve its objectives. The bill also does not contain details of how the country will achieve its five-year goals, but merely says that the government will be required to present a plan. Below, we look at the impact of GDP on the Canadian economy as a whole and the oil and gas sector between the “promised policy” and the situation in which we should achieve the Paris target. Electricity generation is currently responsible for about one-tenth of Canada`s emissions; But before the pandemic, it was the sector that was expected to contribute the most to reducing emissions by 2030 (Environment and Climate Change Canada, 2020a). The country has the legal framework for the phasing out of non-deductible coal by 2030, but will replace much of its capacity with natural gas. As part of the current publicly announced policies and measures in the “Promised Policies” case, Navius estimates that Canada`s greenhouse gas emissions will decrease from 714 mt in 2015 to 657 million tonnes in 2030. “Abandoning is not an option. And the later we are, the worse the cost of climate change, and the more costly it will be to make even deeper annual reductions than we need today. Total real investment in Canada in 2030 will be $375.1 billion in the “Promised Policy” case, while under the “Paris” scenario, it will be approximately $355.7 billion in 2030. Kathryn Harrison, a professor of political science at the University of British Columbia, said that until more details are available on the policy of a re-elected Liberal government, Trudeau`s assertion that we are on track to meet our 2030 goal is “misleading.” Canada is committed to reducing methane emissions from its oil and gas sector by 40-45% from 2012 levels by 2025.
Support rules for this goal came into force in early 2020, but the pandemic has hampered the need to detect and repair leaks. It is also unclear what the impact of government remediation measures to support methane reduction will be on compliance with these rules. “This is precisely for a government that does not have a concrete plan to achieve its 10-year goal,” she said.