By Ketki Saxena
Invesitng.com – The British Columbia government has announced it will roll out a new framework for approving oil and gas projects designed to support the province’s emissions targets. The framework will require new liquefied natural gas facilities to have a "credible plan" for net-zero emissions by 2030. There will also be an emissions cap on the industry.
With the framework, the government aims to fast-track proposals that use clean technologies and create jobs, and launch a task force within BC Hydro to speed up the electrification of the provincial economy with a focus on renewable energy.
The plan was announced earlier today by BC Premier David Eby.
“Global markets have rapidly changed over the last couple of years and the urgency over the low-carbon economy we need to build has only grown,” Eby said at a press conference."But the scale of the climate crisis and the tremendous opportunities before us mean we must act with more urgency than ever before."
"Our intention is to leverage our clean electricity to supercharge B.C.'s economy and open new opportunities for business and job growth in the future."
A government statement said the framework "builds off" the environmental assessment certificate granted to the Cedar LNG facility, also announced earlier today.
The facility is expected to be one of the lowest-emitting liquefied natural gas facilities in the world.