Carbon emissions are costing Canadians 5 times what Ottawa once thought: minister
conference in Ottawa that the government used updated scientific knowledge and economic models to revise the way it evaluates how much climate change is costing Canadians.
“The updates to the social cost of carbon simply show that every tonne of greenhouse gas is costing the economy more,” Guilbeault said at the Net Zero Leadership Summit.The social cost of carbon estimates the financial impact that every tonne of emissions has on everything from food production and human health to disaster repair bills and even property values.
He said this year it’s even higher, at $261 per tonne of emissions, and by 2030 it will rise to $294.“Every tonne of carbon we reduce this year saves society as a whole $261 — and we are talking in terms of cutting megatonnes: millions of tonnes.”Between 2005 — the year Canada uses as the base for its 2030 emissions targets — and 2021, Canada eliminated 62 million tonnes of greenhouse gas emissions. Using the new social cost of carbon figure, that equates to saving almost $10 billion.
By 2030, Canada wants to eliminate at least another 231 million tonnes. That could save $68 billion on the emissions side, but there are no direct comparisons to illustrate how much it will cost to do that.Canada has dozens of other policies designed to help meet that target, including phasing out coal power, expanding renewable electricity, mandating an end to the sale of gas-powered cars and capping emissions from the oil and gas industry.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Little-publicized deadline means scores of Canadians will get their carbon levy rebate lateTo receive the first installment of the 2023 climate rebate, eligible Canadians had to have their 2022 tax return assessed by the CRA by March 24
Read more »
No deal at union deadline; Singh joins federal workers hitting picket lines in Ottawa | National NewswatchNational Newswatch: Canada's most comprehensive site for political news and views. Make it a daily habit.
Read more »
Islamophobia is widespread in Canada, early findings of Senate committee show - National | Globalnews.caThe National Council of Muslim Canadians also hopes the report will help Canadians familiarize themselves with the Muslim community.
Read more »
Technical glitch delays GST rebate and other tax credits to some lower-income CanadiansPayment of critical benefits delayed by at least a week
Read more »
Technical glitch delays GST rebate and other tax credits to some lower-income CanadiansPayment of critical benefits delayed by at least a week
Read more »
Technical glitch delays GST rebate and other tax credits to some lower-income CanadiansPayment of critical benefits delayed by at least a week
Read more »