Conservative hat flick2/17/2024 The rate would rise to $50/tonne, but Conservatives have not proposed a timeline for this hike. ![]() It would also lower the applicable rate to $20/tonne. This part of the plan would replace the current consumer backstop fuel charge and rebate. The second issue is the plan’s low carbon savings account aspect. In their climate plan, the Conservatives propose two principle changes to this system: lower rates and the introduction of “low carbon savings accounts.” Conservatives will generally leave the backstop’s output-based pricing system applicable to large industrial polluters alone, though they may or may not lower the system’s applicable carbon price. Collected backstop revenues are largely rebated back to residents via Climate Action Incentive payments meant to offset increased consumer costs caused by the carbon price. If a jurisdiction fails to implement a federally compliant system of its own, the federal “backstop” program is applied. How jurisdictions apply the price and what they do with the revenue, though, is largely left to their own discretion. Every province and territory must effectively price carbon at or above this floor price, subject to some exceptions and complicated technicalities. ![]() The Liberals plan on raising it to $170 in 2030. As of April, the federal price is $40 per tonne of carbon. Conservative Leader Erin O’Toole’s carbon pricing plan would only further complicate it while increasing the regulatory uncertainty around carbon pricing that’s so frustrating to industry.Ĭarbon pricing in Canada currently functions by placing a rising cost on carbon emissions.
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