HomeCarbon NewsQuebec Ends Oil & Gas Exploration & Extraction

Quebec Ends Oil & Gas Exploration & Extraction

COP26 is just days away, and in a bold move, Quebec has announced the ban of all fossil fuel extractions and exploration.

Quebec Premier François Legault announced that the province will “definitively renounce the extraction of hydrocarbons on its territory,” a huge victory for environmentalists.

In a statement, Greenpeace Canada Climate Campaigner Patrick Bonin said that “Closing the door on fossil fuel extraction is a huge victory, made possible by the relentless opposition from citizens to both shale gas and conventional oil and gas exploration.”

He believes that now, “In Canada, and around all the world, the pressure to end the expansion of oil and gas production will only continue to grow.”

The ban has not come without challenges. Three oil and gas companies are suing the Quebec government since their leases were previously approved. Other companies are filing a lawsuit over application rejections.

Quebec is currently the second-largest oil refiner in Canada, followed by Alberta. Greenland, Ireland, and Denmark have also banned fossil fuel exploration.

Quebec’s announcement couldn’t have come at a better time.

With COP26 taking place, and Paris Agreement milestones coming due, many governments and corporations are trying to find ways to reduce their carbon emissions.

Their desire to offset carbon while other technologies become available as certainly led to the rise of the carbon offset industry. The carbon credit industry was valued at $300 million in 2018. It is now at $100 billion and is expected to reach $22 trillion by 2050.

Carbon offsets, strong regulations, and advanced technology all have a part to play in helping the world reach their net-zero goals. If more nations step up as the province of Quebec has, we could all be that much closer.

Let’s hope that Quebec’s announcement inspires others to do the same.

Most Popular
LATEST CARBON NEWS

US Power Demand Surge Spurs 133 New Gas Plants Amid Climate Targets

Nearly halfway through a decade critical for mitigating climate change, US utilities and investors plan to add 133 new natural gas-fired power plants to...

How Top U.S. Universities Cut Their Carbon Emissions to Help Fight Climate Change

With almost every nation endorsing the Paris Agreement, the goal is to limit global warming to below 2°C by reducing greenhouse gas (GHG) emissions....

Hydrogen Attracts Over $1 Billion in VC Funding Per Crunchbase Data

Hydrogen technology startups have secured over $1 billion in venture investment in the past four months, according to Crunchbase data. This already surpasses two-thirds...

C-Capture’s Innovative Carbon Capture Solution: A Game-Changer for the Cement Industry

C-Capture, the UK-based pioneer in carbon capture solutions, has initiated testing on a novel technology to reduce carbon emissions from cement production. This is...
CARBON INVESTOR EDUCATION

What Is COP28? Key Issues to Watch Out at 2023 Climate Summit

After a record-breaking year of devastating effects of climate change, from record wildfires in Greece and Canada to floods in Libya, the United Nations...

Climate Disclosure: New Corporate Standards for a Net Zero World

As part of the world’s continued efforts to combat climate change and transition towards net zero, one important piece of the puzzle is new...

Carbon Pricing: Understanding The Economics and Trends of Fighting Climate Change

As global temperatures continue to rise, the urgency surrounding climate policies has intensified, thrusting carbon pricing into the limelight of climate discussions. The race to...

The EU Corporate Sustainability Reporting Directive (CSRD): Key Things to Know

Companies operating in the European Union will have to deal with new non-financial and sustainability reporting requirements starting January 2024 with the EU's Corporate...