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ECCC Publishes Draft GHG Offset Protocols

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Environment and Climate Change Canada (ECCC) yesterday published draft Federal GHG Offset Protocols for Landfill Methane Recovery and Destruction and Reducing Greenhouse Gases from Refrigeration Systems (the Draft Protocols) for a 30-day comment period (read our earlier bulletin announcing the development of draft protocols here). ECCC is in the process of developing protocols to advance the Federal GHG Offset System under Part 2 of the Greenhouse Gas Pollution Pricing Act and in accordance with proposed Greenhouse Gas Offset Credit System Regulations published last year.   Public Consultation ECCC is seeking public comment on the Draft Protocols to help inform the development of the final protocols. ECCC intends to publish the final versions mid-2022. Interested stakeholders have until February 18, 2022 to submit feedback on the Draft Protocols by emailing the Offsets and Emissions Trading Section of ECCC.    Future Protocols ECCC is also currently working on developing Federal GHG Offset Protocols for the following: Improved Forest Management Enhanced Soil Organic Carbon Livestock Feed Management We anticipate draft protocols on the above to be published later this year. For assistance with comments, further information, or to discuss the contents of this bulletin, please contact Lisa DeMarco at lisa@resilientllp.com.

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Prime Minister Releases New Mandate Letters For Cabinet

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Prime Minister Trudeau yesterday released new mandate letters to cabinet ministers including the Ministers of Environment and Climate Change and Natural Resources, and the Deputy Prime Minister and Minister of Finance. Every minister has been directed to implement the United Nations Declaration on the Rights of Indigenous Peoples (read our earlier bulletin here).   This bulletin summarizes key climate, energy, and Indigenous objectives highlighted in the ministers’ new mandates:   Environment and Climate Change Minister Guilbeault’s mandate letter situates the minister as the key driver of the federal government’s Climate Plan, delivering on policy and fiscal measures provided in the Strengthened Climate Plan and adopting measures to achieve net-zero emissions by 2050.    Key objectives include: Implement the Canadian Net-Zero Emissions Accountability Act, and bring forward an updated Emissions Reduction Plan to achieve a 40 to 45 per cent reduction in emissions by 2030 from 2005 levels. Cap oil and gas sector emissions at current levels and ensure that the sector makes an ambitious and achievable contribution to meeting the 2030 climate goals. Develop a plan to reduce economy-wide methane emissions consistent with the Global Methane Pledge and require through regulations the reduction of oil and gas methane emissions in Canada by at least 75 per cent below 2012 levels by 2030. Support the global effort to phase out coal-powered electricity and the mining of thermal coal, and ban thermal coal exports from and through Canada no later than 2030. Work with industry, labour, and other stakeholders to develop a regulated sales mandate that at least 50 per cent of all new light-duty vehicle sales be zero emissions vehicles in 2030, toward achieving Canada’s mandatory target of 100 per cent by 2035. Introduce a Clean Electricity Standard to achieve a net-zero clean electricity grid by 2035. Finalize Canada’s first National Adaptation Strategy in 2022. Work with relevant ministries,…

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Prime Minister Trudeau Announces New Cabinet

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Prime Minister Justin Trudeau yesterday announced a new Cabinet following the September 20, 2021 election. The priorities for the new Cabinet include creating jobs, growing the middle class, homeownership, accelerating the fight against climate change, $10-a-day childcare, and truth and reconciliation. We expect that the Prime Minister’s Office will issue new mandate letters for the ministers in the coming days.   The new Cabinet is gender-balanced and reflective of Canada’s diversity.  It is noteworthy that three of the most significant ministries (Finance, Foreign Affairs, and National Defence) are now held by women.  The climate agenda is also likely to be bolstered by a strong pairing of Minister Wilkinson, a former environmental innovator, at Natural Resources and Minister Guilbeault, a former environmental advocate, at Environment and Climate Change. The elevation of Edmonton Centre MP, Randy Boisonneault, to Cabinet as Associate Minister of Finance and Minister of Tourism is likely to add a more geographically-diverse perspective to Cabinet decisions in and around energy infrastructure.  Minister Hajdu’s move from her strong leadership at Health during the pandemic to Indigenous Services is also consistent with the government’s stated priority on Indigenous reconciliation.   The new confirmed Cabinet is as follows: Steven Guilbeault becomes Minister of Environment and Climate Change Jonathan Wilkinson becomes Minister of Natural Resources Chrystia Freeland remains Deputy Prime Minister and Minister of Finance Mélanie Joly becomes Minister of Foreign Affairs David Lametti remains Minister of Justice and Attorney General of Canada Marc Miller becomes Minister of Crown-Indigenous Relations Omar Alghabra remains Minister of Transport Anita Anand becomes Minister of National Defence Carolyn Bennett becomes Minister of Mental Health and Addictions and Associate Minister of Health Marie-Claude Bibeau remains Minister of Agriculture and Agri-Food Bill Blair becomes President of the Queen’s Privy Council for Canada and Minister of Emergency Preparedness Randy Boissonnault becomes Minister of Tourism and Associate Minister of Finance François-Philippe Champagne remains Minister of…

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Climate Finance Momentum Builds in Lead-up to COP 26

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COP Presidency Publishes Climate Finance Delivery Plan The UK COP26 Presidency yesterday published the long-awaited Climate Finance Delivery Plan (the Delivery Plan) led by Canadian Environment Minister Jonathan Wilkinson and German State Secretary Jochen Flasbarth. The Delivery Plan seeks to provide clarity on the commitment by developed countries to provide $100 billion in climate finance per year. The Delivery Plan is informed by recent OECD analysis to 2025, which indicates that by 2023 the $100 billion per year goal will be met and the mobilization of funds for climate finance is likely to surpass $100 billion each year afterwards. The Delivery Plan provides ten key actions that should be taken by developed countries to deliver on the $100 billion pledge, including: Increasing the scale of climate finance; Increasing finance for adaptation; Prioritizing grant-based financing for the poorest and most vulnerable; Addressing barriers in accessing climate finance; Strengthening the financial mechanism of the UNFCCC and Paris Agreement; Working with multilateral development banks to increase and improve climate finance; Improving the effectiveness of private finance mobilized; Reporting on collective progress transparently; Assessing and building on lessons learned; and Taking into account the broader financial transition needed to implement Article 2.1(c) of the Paris Agreement (making finance flows consistent with a pathway towards low GHG emissions and climate-resilient development). In 2009, developed countries first pledged to mobilize $100 billion in climate finance annually by 2020. This goal was reaffirmed under the Paris Agreement in 2015. In June 2021, Canada pledged to double its international climate finance commitment to $5.3 billion. Germany has pledged to increase its climate finance to €6 billion per year by 2025. RBC Releases Canada Net-Zero Transition Report RBC recently released a report titled “The $2 Trillion Transition: Canada’s Road to Net Zero” (the Report), which analyzes the opportunities and…

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Canadian Institute for Climate Choices Releases Low-Carbon Transition Report

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The Canadian Institute for Climate Choices today released its timely report “Sink or Swim: Transforming Canada’s economy for a global low-carbon future” (the Report). The Report is the first of its kind in Canada and is critical in prudent planning in a rapidly changing global economy that directly affects Canadians, Canadian companies, and Canadian exports. The Report moves from qualitative transition paradigms and platitudes to quantified realities for Canadian business, workers, and communities as the world rapidly progresses in its transition to a decarbonized global economy. The key findings and recommendations of the Report follow.   Findings   Net zero emissions. The Report indicates growing support for net zero emissions by 2050, currently including economies representing over 60% of the world’s GDP and over 50% of global emissions, and that an ambitious low-carbon transition will cost less than inaction. We expect that number to increase dramatically at or around the upcoming UNFCCC COP26 negotiations during the first two weeks of November.   Canadian exports and jobs are at risk. Approximately 70% of Canadian exports and 60% of foreign direct investment come from transition-vulnerable sectors, with over 800,000 Canadian workers in these sectors. Alberta has the highest percentage of workers in transition-vulnerable sectors whereas Ontario has the highest absolute numbers in such sectors. Transition-vulnerable sectors include: mining and mineral products;  downstream and midstream oil and gas; auto manufacturing and parts; chemical, plastic, and rubber materials; airlines; oil and gas exploration and productions; and high-carbon power. Private finance. Canadian companies listed on the TSX are more exposed to transition risks than other major international stock markets and are facing a -14% market capitalization impact by 2050.   Transition opportunity. Industries best positioned to profit from the transition include those associated with biofuels, batteries and storage, fuel cells, and solar and wind equipment. The Report notes…

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