In Canada's emission history, the Oil & Gas sector reigns as the biggest contributor of all time, with no contender in sight for its title. Challenged with reducing Greenhouse Gas emissions by 40-45% from the levels of 2005, Trudeau’s administration has promised to enforce strict caps and methane regulations on this sector. These plans, however, have experienced multiple delays with government recently stating that additional insight was needed from indigenous organizations, industry stakeholders, and others. 

 With the sector reporting a substantial $105 billion injection into Canada's GDP in 2020 and the support of approximately 400,000 jobs, the impending industry shifts are expected to have widespread implications. And many Small and Medium Enterprises (SMEs) within the Oil and Gas supply chain, which includes the upstream, midstream, and downstream sectors, can anticipate collective responsibility for helping to lower the industry’s emissions. 

Considering a typical Midstream service provider, as per the Sustainability Accounting Standards Board (SASB) Sectoral Industry Classification Standards (SICs), an SME can begin this sustainable journey by focusing on:  

• Greenhouse Gas Emissions, covering global Scope 1 emissions, methane proportions, and compliance with emission-limiting regulations. 

• Discussions and evaluations of strategies to address Scope 1 emissions, establishing reduction goals, and gauging performance relative to those objectives. 

• Detailed insights on air quality, environmental management measures, the extent of land they use that is safeguarded for endangered species, hydrocarbon spill incidents, financial repercussions from possible legal actions, and pipeline-related occurrences. 

To transition, SMEs in the industry might also focus on: 

• Allocating investments toward technology and processes that curtail methane emissions and bolster overall energy efficiency. 

• Defining explicit objectives for curtailing Scope 1 greenhouse gas emissions, in sync with the anticipated regulatory limits and directives. 

• Committing to candid reporting and proactive governance of environmental hazards, inclusive of air quality and the impact on biodiversity. 

• Gear up for stringent adherence to environmental norms and standards established by industry authorities, like the ISSB. 

• Pursue alliances or cooperative ventures to foster innovations in emission mitigation, possibly leveraging governmental incentives for eco-friendly initiatives. 

• Regularly assess performance in relation to predetermined goals to guarantee ongoing enhancement and compliance with emissions management best practices. 

The Canadian Oil & Gas sector—holding the title of the greatest single contributor to the nation's emissions—faces a transformative era. While the path ahead demands substantial adjustments, it’s a necessary stride toward a more sustainable future.  

SMEs are at the crossroads of challenge and opportunity, where embracing innovation and stringent environmental stewardship can lead to a resilient and environmentally responsible industry.

The ultimate goal is clear: to significantly reduce the environmental impact while sustaining economic vitality—a balance that will define Canada's global environmental legacy for decades to come.