The following statement is attributable to Deborah Yedlin, President and CEO at the Calgary Chamber of Commerce:
“The Parliamentary Budget Office report released today makes it clear that the federal government’s proposed oil and gas emissions cap will have severe economic consequences. The report shows that to meet the cap, production would need to decline by nearly 5%, resulting in a $20 billion hit to GDP and over 54,000 lost jobs.
“This is not just a cap on emissions – it is ultimately a cap on production and Canadian prosperity.
“At a time when Canadians and Canadian businesses are facing high economic uncertainty, largely because of the constant threat of tariffs, the last thing we need is to further destabilize jobs and investment with poor policy. The economic costs are simply too high.
“Canada’s energy sector has made significant strides in reducing emissions while driving economic growth – and is a leader in economic productivity. Instead of imposing a rigid and punitive cap that restricts investment and puts energy security in a vulnerable place, we need policies that work with industry to accelerate emissions reduction efforts; attracts new investment; and protects jobs, our energy security, and our prosperity.
“We reiterate our call to the federal government to withdraw the proposed oil and gas emissions cap. Failing to do so risks our productivity, security and prosperity at a time when Canada needs stability, strong domestic policy, and a chance for our own businesses to succeed.”
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