Energy NL is backing up a statement by Premier Andrew Furey who maintains that any federal emissions cap regulations must respect the Atlantic Accord and the principle of joint management.
Energy NL has “grave” concerns about the emissions cap regulations and the impact they will have on growth in the offshore oil and gas sector.
Energy NL calls the regulations “convoluted”—adding another layer of uncertainty to what it says is an already complex regulatory process.
Our offshore oil and gas industry is governed by the Atlantic Accord, and as Premier I will always fight to uphold the integrity of this important agreement. pic.twitter.com/OUUvctNR4n
— Andrew Furey (@FureyAndrew) December 2, 2024
The energy organization says it joins with the premier in asking that the spirit and intent of the Atlantic Accord be respected.
Furey says regardless of the content of a piece of legislation, if it could impact current or future interpretations of the accord then the province must do its due diligence and stand by its rights as set out in that document.
The premier says any piece of legislation that directly, or indirectly, affects the offshore triggers the Atlantic Accord. He notes that the Accord “could potentially supersede other pieces of legislation.”
