“S&P Global's new analysis exposes the federal government's proposed oil and gas emissions cap as a reckless gamble that will devastate Canadian families and do nothing to reduce global emissions.

“The Prime Minister's empty promises ring hollow in the face of 51,000 fewer jobs annually, $247 billion in lost GDP by 2035, and the forced shut in of more than 2 million barrels per day by 2035. Alberta will bear the brunt of this production cut, but the pain will be felt across every province and territory.

“Make no mistake: this isn't about emissions. Emissions intensity per barrel has fallen by 23 per cent since 2009 and is on track to decline by another 17 per cent, if not more. Even without this unconstitutional cap, S&P Global found that total emissions from the oil and gas sector are set to decline before 2035, thanks to new technologies already being put in place.

“Credible forecasters expect demand for oil and gas will keep rising and remain strong through 2050. This cap will not make the world consume less energy or reduce demand for oil and gas. It will simply increase coal and other higher-polluting energy from outside Canada while decreasing production here and chilling investment in critical technologies like carbon capture, utilization and storage. Only an out-of-touch federal government would sacrifice Canadian livelihoods knowing its actions will end up increasing global emissions.

“It’s time to scrap the cap. Ottawa's reckless scheme threatens not only Alberta jobs but Canada’s economic future. Billions in investment will vanish, retirement savings will be threatened, and families will feel the pinch. We can reduce emissions and enjoy a thriving economy, but only if Ottawa abandons the proposed oil and gas emissions cap for good.”

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