Fossil fuel sector | Steven Guilbeault wants a cap on emissions

Federal Environment Minister Steven Guilbeault takes issue with comments from his former colleague Bill Morneau, who questioned the government’s intention to impose a cap on emissions from the fossil fuel sector, in the wake of the election of Donald Trump.

During a telephone press conference from Azerbaijan where he is participating in the COP29 on climate, Minister Guilbeault said he “disagreed” with former Finance Minister Bill Morneau.

“The time to fight climate change is now. It’s not tomorrow, it’s not the day after tomorrow. The impacts of climate change will not wait. In reality, the longer we wait, the more Canadians and people around the world will bear the brunt of climate impacts. »

Steven Guilbeault was reacting to comments from his former colleague who believes that the Liberal government should reassess the timetable for certain climate policies, such as capping emissions from the oil and gas sector, in order to better align with Donald Trump’s vision.

“I wonder if capping programming right now is the right time,” Bill Morneau said in an interview broadcast Sunday on CTV’s Question Period. The former finance minister added that he would be “very cautious” in considering capping emissions, given the “context of the broader North American relationship”.

Oil and gas producers in Canada will have to reduce, between 2030 and 2032, their greenhouse gas (GHG) emissions by 35% compared to the 2019 level, according to a draft regulation presented by the Minister of Environment at the beginning of the month.

When questioned about his former colleague’s comments, Minister Guilbeault recalled that “this is not the first American administration with which our points of view differ on climate change and, in the past, these differences have not had not prevented us from implementing ambitious climate policies.”

The fight against climate change concerns “the environment, human rights, but also the economy” and “there is a global race to attract investments, companies that will make it possible to build the 21^e century,” said Steven Guilbeault on Tuesday noon.

“But it’s also a question of safety. If you don’t have a climate change plan, you don’t have a security plan, whether it’s homeland security or energy security, then we’re going to continue to be guided by those principles and continue to develop our climate plans,” he added.

Donald Trump has often publicly indicated that he cannot say whether humans are responsible for climate change.

He has also previously stated that “the concept of global warming was created by and for the Chinese in order to make American manufacturing uncompetitive.”

The Republican had, during his first term, withdrawn his country from the Paris agreement and he has signaled his intention to do so again.

GAIA: a new financing platform

Minister Guilbeault also announced on Tuesday the launch of a new financing platform for the fight against climate change led by Canada, called GAIA.

“Co-founded by FinDev Canada in partnership with Mitsubishi Financial Group, with a key investment from the Green Climate Fund, GAIA brings together much-needed public and private capital and expertise to act differently on climate finance,” we can say. read in a press release published by Environment and Climate Change Canada.

This “innovative US$1.48 billion blended finance platform” aims to “increase the availability of climate finance to support high-impact climate action projects in up to 25 emerging markets and developing economies.”

The government press release also highlights that 70% of the platform’s funds “will be used to support adaptation projects, and 25% will be invested in small island developing states and least developed countries.”