The Government of Alberta has committed to reduce methane emissions by 45 per cent. Industry has a competitive plan to achieve this commitment in the most efficient way that will protect 7,000 jobs and balance environmental and economic priorities, according to an analysis conducted by the Canadian Association of Petroleum Producers (CAPP).
The Alberta government and the oil and natural gas industry must work collaboratively to reduce methane emissions by 45 per cent by 2025 from 2014 levels through:
- Creating an approach that stimulates the use of innovation and technology;
- Recognizing early action on methane reductions by the oil and natural gas industry;
- Establishing risk-based cost-effective methods aimed at decreasing venting and detecting leaks faster;
- Adopting a continuous improvement approach at new operating sites; and
- Leveraging a fleet average approach to achieve reduction targets.
This made-in-Alberta solution would cost the oil and natural gas industry $700-million over 8 years, but would result in the most competitive approach. It will prevent the cumulative loss of nearly 7,000 jobs from a prescriptive approach, see $710 million in capital reinvested in Alberta’s economy and boost our gross domestic product by $2.5 billion.
This flexible approach will achieve the emissions reduction target, prevent inefficiencies in its application and minimize the impact on Alberta’s economy.
For more information, visit www.capp.ca.