After quick reading @environmentca new Emissions Reduction Plan, two major (& predictable) blindspots have emerged. A short 🧵 #ERP #cdnpoli #climatecrisis 1/7
2/7 FINANCE: describes modest historical process, without providing any path forward for aligning financial regulations with #ParisAgreement for regulated finance institutions/crowns, mandatory #ClimateRisk disclosure, stronger capital adequacy requirements, mandate changes, etc
3/7 FINANCE: Under #SFAC, finance institutions are regulating themselves. Major Canadian #banks lobby against mandatory #climaterisk disclosure & are #greenwashing #sustainablefinance - major policy reforms are needed & are missing here. thenarwhal.ca/canada-big-5-b…
4/7 OIL & GAS: assuming 31% reduction by 2030 is unacceptably weak. Numerous studies show sector can & must cut deeper/faster. Only tools mentioned are #CCUS (a dead end tech for #Fossilfuels which can’t address #scope3), & #methane (low-hanging fruit). #OBPS is inadequate.
5/7 OIL & GAS: We know from studies this sector has the ability to hit 45% below 2005 levels by 2030 with just existing technology. We also know these privately held companies have the $$ to pay for any technological solutions required. #CCUS tax credits ARE A #fossilfuelsubsidy
6/7 OIL & GAS: A new #oil & #gas #EmissionsCap is still in early development, but already the ambition for it has been set too low here. The total lack of discussion on possible enforcement mechanisms does not inspire confidence.
7/7 I hope & expect this #ERP acts as mainly an initial stocktaking exercise, revealing blindspots that will require new and bold policy to address. This clearly isn’t yet a complete or credible plan for achieving Canada’s #climate goals. We've run out of time on further delay.
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