07:19:54 EST Sat 24 Feb 2024
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Cenovus Energy Inc
Symbol CVE
Shares Issued 1,882,786,392
Close 2023-11-27 C$ 23.86
Market Cap C$ 44,923,283,313
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Globe says Suncor, rivals hear new methane rules loom

2023-11-27 09:13 ET - In the News

See In the News (C-SU) Suncor Energy Inc

The Globe and Mail reports in its Monday, Nov. 27, edition that the federal government is poised to announce new regulations and funding around methane into COP28 on Thursday. The Globe's Kate Helmore writes that these regulations will be the cornerstone of Canada's COP28 climate plan. They follow the 2021 Global Methane Pledge, a joint agreement in which more than 100 countries promised to cut methane emissions by at least 30 per cent below 2020 levels by 2030. Canada's strategy is more ambitious: It hopes to reduce emissions by 40 per cent to 45 per cent below 2005 levels by 2030. It plans to do this by cutting oil and gas sector emissions by 75 per cent. "They're very close to being ready," Minister of Environment and Climate Change Steven Guilbeault said about the methane regulations. "I would be shocked if by the time I come back from COP, we haven't announced them." Between 20 and 30 per cent of global warming to date has been caused by methane, says Carlton University Energy Research Lab head Matthew Johnson. Methane has an atmospheric lifetime of nine years, which means emission cuts of 30 per cent by 2030, will have an immediate effect, says Mr. Johnson.

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