Canada to Introduce National Carbon Price in 2016, Minister Says

Canada, Policy

July 19, 2016

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by Josh Wingrove (Bloomberg) Government will publish plan to reduce emissions by the fall; Environment Minister McKenna argues for uniformity in approach — Canada will have a national price on carbon emissions by the end of this year, Environment Minister Catherine McKenna says.

The federal government will publish an emissions reduction plan this fall that could include expanded, standardized emissions disclosure requirements for companies, McKenna said in an interview with Danielle Bochove on Bloomberg TV Canada.

McKenna spoke after appearing with Bank of England Governor Mark Carney in Toronto on Friday. Her comments come as provinces work to reach a deal on whether to set a mandatory cross-Canada carbon price, a plan not all provinces support.

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Canada’s premiers agreed in March, along with Prime Minister Justin Trudeau, to have their governments develop an emissions reduction plan and present it by October. The plan would be preceded by study of “carbon pricing mechanisms adapted to each province’s and territory’s specific circumstances,” which premiers interpreted broadly to include things such as carbon capture and storage.

A carbon price is generally considered either a tax or a cap-and-trade program. Four Canadian provinces, making up more than 80 percent of the country’s population, already have or are introducing a carbon price. READ MORE

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