Opinion: Net zero will cost a lot more than $100 billion via fpcomment
In the first scenario examined, emissions reductions are achieved on the basis of “announced policy,” that is, the federal government’s 2022, which even Ottawa acknowledges will not fully attain net zero without additional measures. In the second, “accelerated scenario,” emissions reductions are achieved on the basis of the ERP, plus an economy-wide cap on net-zero emissions in 2050.
In summary, the three cases studied were: option one, the policy status quo; option two, the status quo plus a 2050 economy-wide net-zero cap; and option three, the status quo, plus the 2050 net-zero cap plus a phase-out of oil and gas starting in 2035.
And that’s true even though their estimate of the incremental cost of phasing out oil and gas production is almost certainly too low. According to aby the Ivey Business School, in 2019 Canada’s oil and gas industry alone accounted for almost $150 billion in GDP, or 7.5 per cent of Canada’s total. Wiping it out all but entirely should produce a loss at least in that range, as well as further costs all across the Canadian economy.
Another shortcoming of the report is that it focused on the reduction in GDP in 2050 and did not report the accumulated reduction in Canadian incomes from today through 2050. Nor did it include any analysis of the costs of the technologies that would be required for Canada to reach the proposed net-zero target.
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.
![Litecoin [LTC] buyers are confident, but the $100-mark will…](https://i.headtopics.com/images/2023/5/17/cryptoamb/litecoin-ltc-buyers-are-confident-but-the-100-mark-litecoin-ltc-buyers-are-confident-but-the-100-mark-1658933660815351810.webp?w=640)
Litecoin [LTC] buyers are confident, but the $100-mark will…Litecoin bulls were in the process of driving another rally from $76 to $100, and on-chain metrics suggested that this time could be different.
Read more »
OPINION: Healthcare wait times cost Canadians billions of dollarsLast year, Canadians could expect to wait 14.8 weeks (on average) to receive treatment after seeing a specialist.
Read more »
OPINION: Health-care wait times cost Canadians billions of dollarsWhile the pandemic is now squarely behind us, Canadian governments remain unable to deliver timely access to medically necessary elective (a.k.a. scheduled) surgical care.
Read more »
One third of Canadians fine with prescribing assisted suicide for homelessnessRoughly the same number told a poll they were fine with approving MAID for someone whose only affliction was poverty
Read more »
Posthaste: Canadians' dream of a simple retirement at home faces some major headwindsHealth\u002Dcare worker shortages, high costs of in\u002Dhome care and failure to plan ahead complicating retirement plans
Read more »
'Very concerning': Respirologist advises Western Canadians to stay indoors amid wildfire smoke, especially kidsAs air quality worsens in Western Canada amid the wildfire smoke from Alberta, a respirologist is urging Canadians in the region to keep their children indoors.
Read more »