Price of gas at the pump will increase by at least 37.57 cents a litre
OTTAWA – Prime Minister Justin Trudeau released HIS government’s strategy to dramatically reduce greenhouse gas emissions in a decade. There will be a gradual increase in the federal carbon tax on fuels to $170 a tonne by 2030.
The government says there will be $15 billion in new spending on climate initiatives over the next 10 years. This money is earmarked for improvements to Canada’s electric vehicle charging infrastructure, tax write-offs for zero-emissions vehicles, rebates, and funding for home retrofits.
“As we continue to address the impacts of COVID-19 and ensure our strong economic recovery, we must also continue to fight climate change for the good of Canadians, our economy, and our planet,” said Trudeau in a prepared statement to media today. “Canadians don’t have to choose between clean air and good jobs. This strengthened climate plan will help us build a healthier, fairer, and more resilient future that we can be proud to pass on to our children and grandchildren.”
The tax is currently $30 a tonne. Canada aims to reduce greenhouse gas (GHG) emissions by 30 per cent, which is below 2005 levels by 2030.
The price at the pump will increase by 37.57 cents a litre by 2030. The cost of light fuel oil for home heating, natural gas and propane will also rise.
- The estimated size of the global clean technology market is expected to range between $2.5 trillion and $6.4 trillion (USD) by 2022-23. This strengthened climate plan seizes that opportunity and positions Canadian workers and businesses to be among the leaders in the increasingly low-carbon global economy.
- In the recent Fall Economic Statement, the Government of Canada proposed to support the economy’s clean and competitive transition by providing grants to help Canadians make their homes greener and more energy-efficient. It will provide additional funds for the installation of new charging and refueling stations for zero-emission vehicles, and more support for large-scale clean power transmission projects.
- The government also proposed in the Fall Economic Statement to invest in nature-based climate solutions, including to restore degraded ecosystems, protect wildlife, and establish a new Natural Climate Solutions for Agriculture Fund.
- While some of the proposed measures in this plan will take effect almost immediately, others will require work and collaboration with provinces and territories and through nation-to-nation, Inuit-Crown, and government-to-government relationships, as well as with many economic sectors.