Carbon Credit is on Canada’s Mind

Alberta's oilsands, which contain the second largest petroleum reserve in the world after Saudi Arabia with an estimated 174 billion barrels, has been under attack from environmentalists who call oilsands crude dirty oil because of the amount of greenhouse gases that are produced when it's refined. Canada’s Environment Minister Jim Prentice said Canada will harmonize its plans to reduce carbon emissions with the United States and Mexico.

He said Canada wants to assume its fair share of responsibility, but needs to do it in a way that's is not going to damage jobs, investment and industrial competitiveness. However, Federal Liberal Leader Michael Ignatieff said Canada needs fixed hard targets for greenhouse gas reductions and a cap and trade system that would allow companies to trade or buy emission credits to comply with regulations. Canada has realized its international reputation is at stake if it fails to take action quickly.

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