The industrial carbon pricing system in Canada has come under fire during the federal election, raising uncertainty for companies about whether their investments in lowering emissions will pay off.
Industrial carbon pricing is designed to push large industries to pollute less, encouraging investment in lower-emissions technologies. In Ontario, the money collected by government is used to help companies fund those projects. Cabot Canada has been making carbon black, a powdery chemical used mainly in reinforcing rubber, in Sarnia, Ont., for 72 years.
"We're very happy to see that they have these funding programs available," said Dean Pearson, president and facility general manager of Cabot Canada, which will use the money on new technology to reuse the heat energy produced in its manufacturing process. The recycled energy will be used to heat its buildings and facilities, lowering the plant's use of gas.for a range of projects this week from $662,000 for retrofitting a dryer at McCain Foods in Carberry, Man.
Currently, the federal government directly administers the pricing system in Manitoba, Prince Edward Island, Nunavut and Yukon. All other provinces run their own programs, but they need to comply with federal standards on the price put on companies and how the money is used.From 'absolutely critical' to 'should be repealed': Has industry turned on industrial carbon pricing?
"We're hearing from investors that they are really worried they're going to have to write off some significant assets or get a significantly lower return on their investment that they've made should these systems go away." "We've had a client say, we decide to invest in our Quebec plant rather than Ontario plant because the carbon pricing was more stable and more certain," Berends said, referring to Quebec's carbon credit market which has been in place since 2013 and is consideredThe federal government raised $313 million from pricing industries in Ontario from 2019 to 2021, before Ontario's own provincially-run system kicked in — the "stick" to get companies to lower their...
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