UPDATED: Canada’s new climate plan calls for 42% cut in emissions from oil and gas sector
Trudeau’s plan promises to make a carbon-capture tax credit available to the industry by 2022, details of which will be released “soon.” It doesn’t however, include specifics on the emissions cap the government plans to impose on the fossil-fuel sector, which accounts for about a tenth of Canada’s total economic output.
It won’t be cheap. The total spending — from both governments and businesses — needed over the next three decades to get Canada to net zero is C$2 trillion, according to a Royal Bank of Canada report last fall, which it said translates to at least C$60 billion a year in spending given current technologies.
The Canada Infrastructure Bank will spend C$500 million on electric vehicle charging infrastructure, and the government will put forward an extra C$400 million towards building charging stations.
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