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Canada Announces First National Carbon Price

Date: 21-Dec-16
Author: Marty Middlebrook

Canadian President Justin Trudeau Announces National Carbon Price

Canadian President Justin Trudeau Announces National Carbon Price

Canada's federal government is set to reach an agreement with their ten provincial counterparts on the implementation of a national carbon price.

The Prime Minister, Justin Trudeau, says the carbon price will help the country meet its 2015 Paris agreement targets. He also says it will help the local green technology sector. 

The deal further aligns Canada's climate policy with that set by President Obama, which in part aims to cut carbon emissions from coal-fired power stations.

The agreement sets a price on carbon pollution of $C10 a tonne in 2018. This price increases by $C10 a year until it reaches $C50 in 2022. The individual provinces have a level of inpendence and can choose to implement a carbon tax or a cap-and-trade scheme. Those that don’t implement a market scheme will be subjected to a price set by the national government.

Canada has set a target to reduce emissions by 30 per cent by 2030, compared with 2005 levels. The new agreement combined with a plan to reduce methane emissions and a  clean fuel standard has environment groups hopeful that the country will achieve its goals.

Snapshot of Canada’s Carbon Price

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