The new green scheme dictates the oil and gas industry must cut greenhouse gas emissions by 42% from the current levels by 2030. According to 2018 numbers, Alberta accounts for over 82% of Canada's total crude oil production and 65% of Canada's natural gas production.
The government release detailing the Trudeau version of the Green New Deal, called the Emission Reduction Plan, notes “the government is also working to reduce oil and gas methane by at least 75% by 2030”.
There is additional funding designed to incentivize Canadians to buy green cars through several expensive initiatives, including an expanded network of charging stations, a sales mandate for e-cars, and nearly $2-billion in spending to subsidize green light-duty vehicles:
- $400 million fund for zero-emissions vehicle charging stations to add 50,000 charging stations to the grid nationwide
- Canada Infrastructure Bank will also invest $500 million in ZEV charging and refueling infrastructure
- Government of Canada will provide $1.7 billion to extend the Incentives for Zero-Emission Vehicles (iZEV) program will make it more affordable and easier for Canadians to buy and drive new electric light-duty vehicles
- Government will also put in place a sales mandate to ensure at least 20 percent of new light-duty vehicle sales will be zero-emission vehicles by 2026, at least 60% by 2030 and 100% by 2035. To reduce emissions from medium- and heavy-duty vehicles (MHDVs), the Government of Canada will aim to achieve 35% of total MHDV sales being ZEVs by 2030
- Government will develop a MHDV ZEV regulation to require 100% MHDV sales to be ZEVs by 2040 for a subset of vehicle types based on feasibility, with interim 2030 regulated sales requirements that would vary for different vehicle categories based on feasibility, and explore interim targets for the mid-2020s
Just 4.6% of new vehicle sales in Canada are zero-emissions.
The 2030 Emissions Reduction Plan will include $9.1 billion in new spending. The carbon tax is set to hike to $50 per tonne April 1, 2022.