After last weeks report from the Global Carbon project that carbon emissions increased by 5.9 percent last year, mostly due to large manufacturing nations such as the US and China, Canada has said it will formally withdraw from the Kyoto Protocol on climate change. The agreement was signed back in 1997 and was a global attempt at fighting global warming. However the US and China never ratified the Kyoto Protocol.The Canadian government says that the cost of meeting Canada's obligations under Kyoto would cost CAD$14 billion ($13.75 billion). By withdrawing from the agreement, the Canadian government will no longer be obligated to handover the CAD$14 billion in fines and will be able to freely use the vast amounts of energy required to extract crude oil from Alberta's oil sands. As the US tries to remove its dependency on Middle East oil, additional supplies of crude from Canada would certainly come at a welcome time for the US administration.
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