Trudeau slammed for new oil and gas cap: Handing market over to Putin

Justin Trudeau shut down by Neetu Garcha

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

The Canadian Prime Minister announced the policy on the second day of the COP26 climate summit in Glasgow yesterday. Mr Trudeau called the promise a major commitment that should inspire other resource-rich countries to slash emissions and said Canada is prepared to curb the growth of one of the country’s largest industries to help the world hold the global average temperature increase to 1.5 degrees Celsius.

Mr Trudeau said: “We’ll cap oil and gas sector emissions today and ensure they decrease tomorrow at a pace and scale needed to reach net-zero by 2050.

“That’s no small task for a major oil and gas producing country. It’s a big step that’s absolutely necessary.”

Canada’s oil and gas sector accounted for 191 megatonnes of greenhouse gas emissions, 26 percent of the country’s total emissions.

But the decision has been slammed by critics, who claim that the power and control of the global energy market would be in the hands of countries like Russia and Iran.

Jason Kennedy, a Canadian politician based in Alberta, Canada, said: “I don’t know why they [the Canadian Government] would make an announcement like this without consulting a province that actually owns the overwhelming majority of Canada’s oil and gas reserves.

“Alberta has the third-largest oil reserves on the face of the Earth.

“I hope the federal government understands that If they are trying to fundamentally limit the development of Canadian resources, they are just handing the global energy market over to places like Iran, Saudi Arabia, Venezuela and Putin’s Russia.

“That would be bad for the environment and bad for the world.”

This comes after Vladimir Putin, the Russian President, has been blamed for the skyrocketing prices of gas and energy that has left Europe scrambling to resolve an energy crisis.

Mr Putin ordered gas supplies travelling into Europe to be slashed as he awaits the approval of his new Nord Stream 2 pipeline.

Nord Stream 2, which still requires certification from German regulators, will transit gas from Russia into Germany, bypassing Poland and Ukraine.

But in the hope to avoid EU rules being slapped on the system as well as attempting to speed up certification, Mr Putin has been accused of using the pipeline as a geopolitical weapon.

As Canada is one of the largest hubs for oil in the entire globe, decreasing its energy supplies have promoted the fears that country’s like Russia, whose leader is not even present at the COP26 climate summit, will be handed greater control over global energy supplies.

Some countries have already been hit hard by the impacts of Mr Putin’s gas squeeze, with Moldova, who are right on the EU’s doorstep, declaring a state of emergency as their gas storage levels reached critical levels.

Mr Putin already has a huge impact on European energy prices, with his actions and even verbal comments he makes affecting changes in market price.

DON’T MISS 
China scientists baffled as new lunar samples don’t match Apollo 11’s [REVEAL] 
UK and France put differences aside to launch new mission [REPORT] 
Archaeologists stunned by ‘unusual material’ found in Babylon [INSIGHT] 

But Europe’s wholesale gas price did fall last week after Putin ordered Gazprom, the state-owned Russian gas company, to top up low storage levels at its sites in Germany and Austria.

While the Russian President does make some choices that can partially reverse the crisis, his earlier actions suggest that his tight grip on the European energy market is a worry for the EU.

And now with Canada expected to cap their energy supplies, even more power may be handed to Mr Putin.

Source: Read Full Article