Canada Joins U.S. in Establishing Net-Zero Producers Forum
Ontario: Today, the Minister of Natural Resources, the Honourable Seamus O’Regan Jr., announced Canada will join the United States in establishing a new Net-Zero Producers Forum, a platform for oil and gas–producing countries to discuss how the sector can support the implementation of the Paris Agreement on climate change and the goal of achieving net-zero emissions by 2050.
In parallel to the Leaders’ Summit on Climate, Canada, Norway, Qatar, Saudi Arabia and the United States —collectively representing 40 percent of global oil and gas production — came together to create a cooperative forum to develop pragmatic net-zero emission strategies. The forum will discuss ways to improve methane abatement; advance the circular carbon economy approach; develop and deploy clean-energy and carbon capture, use and storage technologies; diversify from reliance on hydrocarbon revenues; and other measures in line with each country’s national circumstances. For its part, Canada has already introduced a world-leading price on pollution, which is helping to reduce greenhouse gas emissions and invest in the clean energy future.
As the world’s fourth-largest oil and gas producer, Canada is fully committed to finding real solutions to help tackle the climate crisis and lower emissions, all while creating jobs, strengthening the economy and growing the middle class. Since October, the Government of Canada has committed to invest $53.6 billion into a green recovery.
Today’s decision to join the Net-Zero Producers Forum follows yesterday’s announcement by the Government of Canada to increase its Nationally Determined Contribution under the Paris Agreement to reduce emissions by 40 to 45 percent below 2005 levels by 2030 and move forward on a path to reach net-zero emissions by 2050.