Justin Trudeau stepped up plan to increase Carbon Tax, in a bid to meet emission targets.
Prime Minister Justin Trudeau stepped up efforts to hit Canada’s emissions targets by 2030, pledging billions in new money to combat climate change and increasing his government’s carbon tax.
Plan aims to cut emissions 40% below 2005 levels within decade. The measure seeks to put Canada on track to cut greenhouse-gas emissions by as much as 40% below 2005 levels by the end of this decade, compared to the current 30% goal.
Key to achieving that will be an increase in the government’s carbon price to C$170 ($133) per metric ton by 2030.
Under the new plan, that price will continue to rise by $15 each year starting in 2023 until it hits $170 per tonne in 2030, while the rebates Canadians get in turn will also rise, and shift from annual to quarterly payments.
Trudeau’s team pledged C$15 billion in new spending over 10 years, some of which will be funneled through green initiatives and will include;
-Plant two billion trees spending C$3.2 billion over 10 years
-Restore and enhance wetlands, peatlands, grasslands & agricultural lands at cost of $631 million in 10 years
-Investing C$1.5 billion in a low-carbon and zero-emissions fuels to increase production and use of clean fuels
Trudeau told reporters.
“There are still places in this country that want pollution to be free again,”
“We are going to continue to increase the price on pollution and give more money back to Canadians and their families.”
is Trudeau’s effort to bring some momentum to a climate change agenda that has persistently failed to meet targets. It also puts his government in sync with Joe Biden on environmental policy.
Move to increase carbon tax will anger provinces and burden consumers. Though revenue from the tax is returned to the provinces via consumer rebates, it’s being challenged in the courts by oil-producing Alberta and others.
The carbon tax plan faces opposition from some provincial governments and industry groups. Alberta, which has one of Canada’s highest unemployment rates after the oil collapse earlier this year, said it will continue with plans to challenge the tax in court.
Alberta Environment Minister Jason Nixon called the tax “another attack on Alberta’s economy and Alberta’s jurisdiction” and said it would suppress investment and raise costs. “This is not the time to be considering increasing the cost of living for people of Alberta,” he said at a news conference.
Source: BnnBloomberg
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