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The alliance brings the two sides together on cutting pollution and phasing out some fossil fuel subsidies by 2025. They will also collaborate on rolling out renewable hydrogen and setting an international standard for the fuel, as well as cutting methane emissions, according to the draft.
“The world is facing an unprecedented triple planetary crisis of climate change, biodiversity loss and pollution,” according to the document, which is subject to change. Carbon pricing is “one of the most efficient and cost-effective ways to reduce greenhouse gas emissions and to spur investment and innovation in low-carbon solutions.”
The document from the European Commission to EU delegates stated that agreements on energy reflected “difficult negotiations” with Canada, which is “not fully aligned” with the bloc’s latest positions on coal and fossil fuel subsidies.
Canada’s federal auditor found this week that the government was not on track to meet its climate targets due to delays in key measures, including methane regulations and an oil and gas emissions cap.
The meeting scheduled for Nov. 23-24 in St. John’s, Newfoundland, comes less than a week before the world gathers in Dubai for the COP28 climate summit, which aims to lay out how countries can keep global warming below 1.5C and provide more financing to developing nations.
The EU has been pushing for efforts to expand carbon pricing following the success of its own emissions trading system. That is helping to put the bloc on course for its goal to cut emissions by 55% until the end of the decade compared to 1990 levels. At the same time, it has also put in place a carbon border levy to stop its industry from losing out due to its green policies.
Canada also puts a price on carbon and is spearheading the global carbon pricing challenge.
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