Emissions trading is "absolutely critical" for Canadian industry to meet Ottawa's targets, says Rick Hyndman of the Canadian Association of Petroleum Producers. Canada's fossil fuel industry otherwise views the Canadian proposals unfavourably. Environmentalists feel the do not go far enough.
The Canadian announcement at Kyoto followed the release the week before of two Environment Canada reports predicting a severe impact from climate change on Canada. Included in the assessment are a predicted increase in the frequency and severity of heat waves, which would lead to more illnesses and deaths; decreased water supply; a northward migration of Canadian forests; and changes in the frequency and severity of extreme weather events, which will strain the insurance and agricultural sectors.