Ottawa, March 26 -- Canada and Alberta on Monday announced an agreement in principle to reduce methane emissions from the oil and gas sector, targeting a 75% cut below 2014 levels by 2035 in Alberta.

The proposed framework would allow Alberta to implement its own performance-based system, including regulations, offset credits and targeted investments, while Ottawa works toward an equivalency agreement under the Canadian Environmental Protection Act, 1999.

Under such an arrangement, federal methane regulations would not apply in the province as long as comparable emissions reductions are achieved.

Methane, a potent greenhouse gas with a significantly higher warming impact than carbon dioxide, is a key focus of Canada's climate strategy....