Mr. Speaker, the Department of Environment and Climate Change Canada and Natural Resources Canada have initiated engagements with provinces and territories, indigenous peoples, industry, and other Canadians. These discussions will take place over winter and spring 2022 and will help inform the design of the approach to implementing the Prime Minister’s commitment to cap and reduce total emissions from the oil and gas sector to achieve net zero emissions by 2050.
Until the measure has been designed, it is premature to estimate economic impacts.
Assuming that the measure will include regulations under the Canadian Environmental Protection Act, a regulatory impact analysis statement will be prepared and published in the Canada Gazette. A regulatory impact analysis statement provides information regarding the costs and benefits of the regulations as well as other information, such as who will be affected, who was consulted in developing the regulations, and how the government will evaluate and measure the performance of the regulations against objectives.