Canadian businesses and environmental groups are calling for improvements to the country's industrial carbon markets, citing barriers and red tape between provinces as hindering progress.
The Cement Association of Canada (CAC), along with 12 other leading firms, business associations and climate policy and renewable energy groups across the country from the energy, manufacturing and steel sectors, is proposing five ways to improve the country’s industrial carbon markets. The groups contend industrial carbon pricing is the best way to get industry to reduce emissions, but the system isn’t working as well as it could because of barriers and red tape between provinces.
Industrial carbon pricing shifts the burden for the damage from greenhouse gas emissions to those who are responsible and able to avoid it. Instead of dictating who should reduce emissions, a carbon price allows emitters to lower their emissions or continue emitting and paying for their emissions. In an open letter sent recently to provincial ministers of the environment, the firms, associations and groups laid out their proposed fixes to the problem. “Industrial carbon markets are the most flexible and cost-effective way to incentivize industry to systematically reduce emissions. Yet this critical policy isn’t working as well as it should,” their letter reads. “A patchwork of provincial carbon pricing systems has produced numerous barriers and created significant red tape across efforts to decarbonize our economy.” The associations said the purpose of their letter is to raise a red flag about how the provincial carbon markets work together, or more correctly, how they do not. “The disconnect across nine different markets makes it harder to invest in major projects in Canada. It is holding back capital, economic growth, jobs and decarbonization. We need to act now to fix this.” Canada is less than two years away from a scheduled 2026 review of industrial carbon pricing systems, yet in Ottawa the work has already begun. “Now is the moment for provinces to come together to tackle these challenges and demonstrate leadershi
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