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Market Chatter: MP Steven Guilbeault Could Quit Caucus As Soon As This Week Amid Concerns Over Govt Rollback of Climate Policies

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Former environment and climate change minister Steven Guilbeault is considering resigning from the Liberal Party caucus due to his concern over the federal government's rollback of Trudeau-era climate policies and the most recent iteration of the MOU with Alberta aimed at building a new pipeline, four sources in the federal government tell CTV News.

The sources say Guilbeault is considering remaining as an MP, but sitting as an Independent, and likely would not run in the next election.

CTV News has reached out to Guilbeault's office but has not received a response by the time of publication. Sources close to the former minister who spoke to him Monday say he wasn't 100% decided yet.

On his way into a cabinet meeting Tuesday morning, Prime Minister Mark Carney was asked by the Globe and Mail's Marieke Walsh if he expected Guilbeault to resign. He didn't reply.

According to Tuesday's report, Guilbeault is not alone in his concern about climate policy rollbacks. More than a dozen Liberal MPs wrote recently to the prime minister to express worry over changes to methane and clean electricity regulations in Alberta moving the $130 per-tonne effective price on carbon target beyond 2030, as well as any possible public money going toward a new pipeline.

Sources close to Guilbeault say he was disheartened that the MOU and corresponding rollback of the oil and gas emissions cap, and aforementioned regulations meant even Canada's 2050 net-zero was out of reach, according to analysis from the Canadian Climate Institute.

Speculation over Guilbeault's political future ramped up after Carney and Alberta Premier Danielle Smith agreed earlier this month to elements of an energy deal that could see construction of an oil pipeline begin as early as the fall 2027 if specific conditions are met.

Back in November, Guilbeault resigned from Carney's cabinet where he served as Minister of Canadian Identity and Culture -- just hours after Carney and Smith signed the initial memorandum of understanding (MOU) on energy.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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