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Suncor Energy Inc
Symbol SU
Shares Issued 1,298,074,234
Close 2023-12-04 C$ 44.12
Market Cap C$ 57,271,035,204
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Globe says Methanex, rivals methane rules changing

2023-12-05 09:04 ET - In the News

See In the News (C-MX) Methanex Corp

The Globe and Mail reports in its Tuesday, Dec. 5, edition that Ottawa says it will ban common industry practices at natural gas facilities as part of new methane regulations that will force the sector to dramatically cut emissions. The Globe's Emma Graney and Marieke Walsh write that the federal government announced Monday the revised draft methane emissions regulations at COP28, the United Nations climate talks in Dubai. Environment Minister Steven Guilbeault said the new rules will allow Canada to cut its methane emissions from the oil and gas sector by 75 per cent below 2012 levels by 2030. They will take effect beginning in 2027 and be fully in place by 2030. Ottawa says the industry is already poised to meet a past target to cut methane emissions by up to 45 per cent by 2025. Alberta said last week the sector has reduced methane emissions by 45 per cent from 2014 levels. Mr. Guilbeault said during a COP28 panel, "By tackling methane emissions, we're activating one of the most powerful levers we have against climate change." The regulations would largely prohibit venting gas into the environment, set new standards for combustion systems and subject some sites to more frequent inspections.

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