Join our daily newsletter At The Bell to receive exclusive market insights
- Canada votes today as opinion polls put current Prime Minister Justin Trudeau and Opposition Leader Erin O’Toole less than a percentage point apart
- The Opposition has promised to meet the original Paris agreement target of a 30 per cent reduction in emissions by 2030
- Mr Trudeau’s energy policy vows to zero emissions by 2050, despite Canada’s large oil and gas industry
- According to the Canadian Association of Petroleum Producers (CAPP), the nation’s oil and gas industry is the world’s fifth-ranked producer
Canadians will vote in a federal election today as opinion polls put current Prime Minister Justin Trudeau and Opposition Leader Erin O’Toole less than a percentage point apart.
Mr Trudeau called a vote two years ahead of time to let Canadians have a say in the COVID-19 recovery plan.
According to data from Elections Canada, there have been 5.78 million out of 27 million votes submitted ahead of time, with current numbers indicating Trudeau’s Liberals will win.
The campaign was marked by political parties outlining their positions on a new health care budget, zero-emission goals and resettlement of Afghani refugees.
Energy meets politics
Mr Trudeau’s energy policy vows to zero emissions by 2050, despite the Prime Minster being criticised for backing an oil pipeline expansion project.
In a statement earlier this year, he said cutting greenhouse emissions had to come from industry leaders if 2050 climate goals were to be met.
“Over one quarter of our emissions [of greenhouse gases] come from our oil and gas sector. We need the leadership of these industries to decarbonise our country,” Mr Trudeau said.
Opposition Leader Mr O’Toole plans to revive the Northern Gateway pipeline that Mr Trudeau shut down in 2016.
He promised to meet the original Paris agreement target of a 30 per cent reduction in emissions by 2030.
Prior to the pipeline’s termination, it produced 525,000 barrels per day, of which Indigenous groups held a 33 per cent stake.
Mr O’Toole claimed reopening the pipeline could create economic partnerships for Indigenous groups who lived along the pipeline, despite the closure being prompted by lack of Indigenous support and environmental concerns.
The Canadian Association of Petroleum Producers (CAPP) has asked for politicians to recognise the 522,000 jobs and $11 billion generated by the energy industry.
According to the CAPP, the Canadian industry is the world’s fifth-ranked producer, with a daily supply of 4.5 million barrels of oil and 15.4 billion cubic feet of natural gas.
