Key takeaways:
- Feds promise to dramatically constrain emissions in the oil, gas, and transportation sectors to achieve 2030 targets.
- Today, the government revealed its intent to cut greenhouse gas emissions by 40-45 percent below 2005 levels by 2030.
Today, Environment Minister Steven Guilbeault released the government’s intent to dramatically constrain greenhouse gas emissions to fulfill ambitious 2030 drop targets over the following eight years.
Its plan relies heavily on deep cuts in the electricity, oil and gas, and transportation sectors.
To cut emissions by 40 to 45 percent below 2005 levels by 2030, the federal government has declared some $9.1 billion in new assets that will, among other things, increase incentives for zero-emission vehicles (ZEVs), improve tax breaks for firms in the fossil fuels sector that adopt carbon capture, utilization, and storage (CCUS) technology, and labor to make Canada’s electricity grid cleaner.
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Talking at an event in Vancouver, Prime Minister Justin Trudeau called the statement the government’s “most daring and most specific measure yet. It’s ambitious, and it’s possible.”
The report, titled 2030 Emissions Reduction Plan: Canada’s Next Steps for Clean Air and a Strong Economy, says that the present carbon pricing regime will stay the cornerstone of the national climate plan. The carbon cost is set to increase steeply from its present level of $50 per tonne of emissions to $170 by 2030 to push customers to cleaner energy sources.
To keep this carbon levy after the following change in government, the statement said Ottawa is “exploring legislative policies to help a durable cost on carbon pollution.” The report stated that Ottawa might also soon embrace a “border carbon adjustment,” which would hit taxes on imports from jurisdictions with no carbon price.
Source – cbc.ca
