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

Has the Energy Transition Failed and is it Over?

Many fail to realize this is not the first energy transition. Although the media have made it appear as if it’s the first energy transition,...

Global Consortium Backs Early Coal Retirement With Carbon Credits

The Coal to Clean Credit Initiative (CCCI), with help from The Rockefeller Foundation, teams up with ACEN Corporation to look into a pilot project...

Voluntary Carbon Credit Buyers Willing to Pay More For Quality

The recently released "State of the Voluntary Carbon Markets 2023" report by Ecosystem Marketplace (EM) reveals a significant trend shift within the VCM. It...

UAE’s $30B Climate Fund: A Boon or Concern for COP28 Dialogue?

The United Arab Emirates (UAE) is gearing up to launch a substantial climate-related investment fund, $30 billion, in collaboration with BlackRock, TPG, and Brookfield.  This...

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...