Canadian Prime Minister Justin Trudeau on Tuesday announced ambitious plans to cut carbon emissions over the next eight years, with the oil and natural gas industry set to contribute a large share of the reduction.

Among other things, Trudeau set a goal for the oil and gas industry to slash greenhouse gas (GHG) emissions by 42% off 2019 levels by 2030.

“Big oil lobbyists have had their time on the field,” Trudeau said at the annual Globe Forum environmental conference in Vancouver. “Now it’s over to workers and engineers who will build solutions for their sectors, for their communities and for their kids.”

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Under Trudeau’s plan,...