The federal government will unveil its oil and gas emissions cap framework on Thursday, senior government officials have told CBC News.
The framework will be implemented through a cap-and-trade system, the officials said. Draft regulations will follow by the middle of 2024, one source said.
Environment Minister Steven Guilbeault and Natural Resources Minister Jonathan Wilkinson will jointly announce the cap plan. The news was first reported by the Globe and Mail and the Canadian Press.
A cap-and-trade system would allow companies to buy and trade a limited number of emissions allowances or permits. The number of those permits could decline over time to reflect the emissions cap. The other option Ottawa was contemplating was an enhanced carbon price for the oil and gas sector.
Court cases forced Ottawa to revisit emissions cap
The government officials didn’t say where the cap will be set in megatonnes. One source said it will be lower than the original 2030 target of reducing emissions in the sector by 42 per cent below 2019 levels. Another source said the new plan will establish a range, rather than a single cap.
One source said that the government is aiming for a lower target to avoid legal and constitutional fights with provinces. Last week, Guilbeault said two recent court decisions forcing Ottawa to tread more carefully on climate policy affecting provinces pushed the federal government to reconsider its emissions cap plan.
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The first was a Supreme Court decision that said a federal law governing environmental impact assessments stepped into provincial jurisdiction by applying to some projects that should have been outside of Ottawa’s control.
The second was a Federal Court decision that struck down Environment Canada’s designation of all plastic manufactured items as “toxic.” The court said the category of plastic manufactured items was too broad for a single designation. The decision also touched on federal-provincial distribution of powers.
“We were being told by our tribunals that the federal government can certainly intervene when it comes to matters of pollution, and including climate pollution, but that we have to be very careful not to impede on provincial jurisdictions,” Guilbeault said last week.
The plan will include a number of compliance options, including the purchase of carbon credits and participation in a decarbonization fund. Companies will pay into that fund if they exceed their emissions caps. The money could then be used to fund green transition projects, one government official said.
Wilkinson says emissions cap framework on the way
Energy and Natural Resources Minister Jonathan Wilkinson says the emissions cap framework is coming quite soon and oil and gas companies will need time to adjust.
Speaking to reporters ahead of Wednesday’s question period, Wilkinson said the system won’t be implemented right away and the government will give industry time to adjust.
“There will be some time for adoption but there will be a significant reduction in greenhouse gas emissions from the oil and gas sector by 2030,” he said. He didn’t offer any further details about the plan.
Guilbeault is currently in Dubai at the 2023 United Nations Climate Change Conference, better known as COP28.
The federal government has vowed to cut carbon emissions by at least 40 per cent below 2005 levels by 2030. The federal environment commissioner said last month that Ottawa is not on track to meet that target.
Alberta premier says feds asked her to sign NDA
Alberta Premier Danielle Smith, meanwhile, says the federal government asked her and her team to sign a non-disclosure agreement before examining a preview copy of Ottawa’s plan.
“They asked us if we’d be prepared to sign a non-disclosure agreement and then tell us what they’re going to impose on us,” Smith said in an interview airing Wednesday on CBC News Network’s Power Politics.
“Does that sound like cooperative federalism to you? Because it sure doesn’t sound like it to me,” she told host David Cochrane.
Alberta Premier Danielle Smith has said she’ll oppose Ottawa’s pending regulations to cap oil and gas emissions. (Jason Franson/The Canadian Press)
A federal government official told CBC News it’s normal government practice to ask stakeholders to sign non-disclosure agreements before allowing them to examine anything as significant as the emissions cap plan.
Smith — who is also in Dubai for COP28 — told CBC News she didn’t sign the agreement. Asked why she thought she was asked to sign the agreement, she said Ottawa “doesn’t respect our jurisdiction.”
“This is something that is so important, has such a major impact on the development of our resources, that they should be working collaboratively with us,” she said.
Smith has said in the past her government plans to oppose Ottawa’s pending regulations. She said Ottawa’s plan won’t allow the industry to adapt in time without forcing production cuts.
One federal government source said the cap Ottawa plans to announce is the “maximum amount that is technically achievable without affecting production.”
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
