An oil lobby group believes our current climate initiatives are severely hurting our oil and gas sector.
In a report released earlier this week, Canadian Association of Petroleum Producers says these policies are doing more harm than good.
They also believe Canada’s current emissions reduction policies, including the carbon taxes, are duplicative and inefficient.
Over the next ten years, the sector could be sacrificing around $25 billion.
CAPP notes they support effective policies, not ones that feel like a punishment for Canadian companies who are world leaders in environmental practices.
“Canada is the most committed among the nations that have set out to reduce GHG emissions,” the report read. “Canada generates less than 1.5 per cent of global GHG emissions.”
Companies are losing around $1.40 on each barrel they sell, making them less competitive on the market.
CAPP adds the policies need to be changed to focus on the environment and the economy.