Canada’s conventional natural gas and oil producers cut greenhouse gas emissions by 24 per cent while increasing output 21 per cent from 2012 to 2021, an oil industry group said on Thursday, although its analysis covers only a small portion of its related emissions.
Conventional production, which uses vertical wells, does not include the oilsands that account for the vast majority of Canada’s crude output. Oilsands emissions were flat in 2022 even as output grew, a separate independent analysis showed this month.
Prime Minister Justin Trudeau’s Liberal government plans to cap Canada’s oil and gas emissions, angering Alberta’s government that says those plans amount to a limit on production, which is a provincial responsibility.
Emissions from conventional oil and gas production declined from 100 million metric tons of carbon dioxide equivalent in 2012 to 76 million tons in 2021, according to the Canadian Association of Petroleum Producers (CAPP) analysis, which it based on Canadian government emissions and production data.
An animated chart showing Canada’s greenhouse gas emissions from the upstream oil and gas sector, with and without the oilsands included, from 1990 to 2021. (Robson Fletcher/CBC)
The reduction reflects in part regulations from Alberta, Canada’s main fossil fuel producing province, and other oil and gas producing provinces for companies to lower methane emissions, which happen from flaring and leaky equipment.
CAPP’s analysis only includes emissions from oil and gas production, not indirect emissions from energy that a company purchases or from combustion of gas and oil such as through driving — which accounts for the majority of emissions associated with oil and gas.
“This research obscures the fact that the bulk of emissions that the oil and gas sector is responsible for occurs when these fuels are burned,” said Caroline Brouillette, executive director of Climate Action Network Canada. “Ongoing production expansion is incompatible with a safe climate.”
The oil and gas sector was Canada’s biggest emissions source in 2021, accounting for 28 per cent of total national emissions.
“Canada’s conventional producers are demonstrating we can grow energy production to address energy security while also lowering emissions,” CAPP CEO Lisa Baiton said.
MTY Food Group Inc. says its profit and revenue both slid in its most recent quarter.
The restaurant franchisor and operator says its net income attributable to owners totalled $34.9 million in its third quarter, compared with $38.9 million a year earlier.
The results for the period ended Aug. 31 amounted to $1.46 per diluted share, down from $1.59 per diluted share a year prior.
The company behind 90 brands including Manchu Wok and Mr. Sub attributed the fall to impairment charges on property, plants and equipment along with intangibles assets.
Its revenue decreased slightly to $292.8 million in the quarter from $298 million a year ago.
While CEO Eric Lefebvre saw the quarter as a sign that the company’s ongoing restructuring is starting to bear fruits, he said the business was also hampered by significant delays in construction and permitting that resulted in fewer locations opening.
This report by The Canadian Press was first published Oct. 11, 2024.
Taiga Motors Corp. says the Superior Court of Québec has approved its sale to a British electric boat entrepreneur.
The Montreal-based maker of snowmobiles and watercraft says it will be purchased by Stewart Wilkinson.
Wilkinson’s family office is behind marine electrification brands that include Vita, Evoy, and Aqua superPower.
Wilkinson and Taiga did not reveal the terms or value of the deal but say Wilkinson will assume Taiga’s debt to Export Development Canada and has committed to funding Taiga’s business plan.
The companies say the transaction will allow them to achieve greater economies of scale and deliver high-performance products at compelling prices to accelerate the electric transition.
The sale comes months after Taiga sought bankruptcy protection under the Companies’ Creditors Arrangement Act to cope with a cash crunch.
This report by The Canadian Press was first published Oct. 11, 2024.
Toronto-Dominion Bank is facing fines totalling about US$3.09 billion from U.S. regulators in connection with failures of its anti-money laundering safeguards.
The bank also received a cease-and-desist order and non-financial sanctions from the Office of the Comptroller of the Currency that put limits on its growth in the U.S. after it was found that TD had “significant, systemic breakdowns in its transaction monitoring program.”
