The long-awaited regulations, once enforced, would compel Canadian oil and gas producers to reduce their emissions 35 per cent below 2019 levels by 2032. Companies that fail to meet the targets will have to buy additional credits from other firms under a cap-and-trade system. (The Logic)

Talking point: The 35 per cent reduction is at the softer end of the 35 to 38 per cent target the federal government first floated in December. Environmentalists and business lobby groups were divided on the proposed regulations on Monday. The Business Council of Alberta called the cap “discriminatory and divisive” for making Canadian energy production more costly and uncompetitive. Clean Prosperity, a cleantech advocacy group, said an emissions cap is the “wrong policy” that “couldn’t arrive at a worse time” because it layers new regulations onto an already overburdened energy sector, while West Coast Environmental Law welcomed it.