China News reports that Canada is no longer going to comply with the Kyoto protocol. Canada has failed to meet its carbon emission targets of 5% below 1990 levels. A WSJ article contains the reason for Canada's change of heart. Canada has seen an increase in oil reserves over 3,000% over the past ten years. Oil and gas exploration has shifted from politically unstable countries to the more politically stable Brazil, Australia, Canada and the United States.
Bloomberg also reports that Canada may escape a 6.7 billion dollar carbon offset bill by exiting Kyoto. While more than 60% of Canada's electricity is produced by hydropower, the increase in oil sand production will create problems with carbon offsets. Canadian companies are advocating improving technology rather than spending money on carbon offsets.
Update on December 13, 2011: CNN confirms reports that Canada will no longer be part of the Kyoto protocol. Canadian Environment Minister, Peter Kent stated that Canadian's would be giving other countries $14 billion dollars with "no impact on emissions or the environment."
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| Chart published in WSJ article |
Bloomberg also reports that Canada may escape a 6.7 billion dollar carbon offset bill by exiting Kyoto. While more than 60% of Canada's electricity is produced by hydropower, the increase in oil sand production will create problems with carbon offsets. Canadian companies are advocating improving technology rather than spending money on carbon offsets.
Update on December 13, 2011: CNN confirms reports that Canada will no longer be part of the Kyoto protocol. Canadian Environment Minister, Peter Kent stated that Canadian's would be giving other countries $14 billion dollars with "no impact on emissions or the environment."
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