Justin Trudeau’s Liberals have released their promised climate plan to exceed the country’s commitments to reduce greenhouse-gas emissions by 2030 under the Paris Agreement. The plan is far-reaching and includes $15-billion in new spending, an increasing price on carbon, the promise of new regulations, and commitments to supporting electric vehicles and building retrofits.
- The carbon tax will rise by $15 per ton after 2022. Carbon-pricing rebate payments will begin to be distributed to households quarterly, starting as early as 2022. The payments are currently paid out annually.
- Narrow the scope of the Clean Fuel Standard to cover only liquid fossil fuels, a significant concession to industry. As originally conceived, the new measure would have covered liquid, gaseous and solid fuels.
- A commitment to exploring carbon border adjustments by working with like-minded economies, including the European Union and the United States.
- $1.5-billion for a low-carbon and zero-emissions fuels fund to increase the production and use of low-carbon fuels, including hydrogen, and a pledge to unveil Canada’s hydrogen strategy before the end of the year.
- $964-million over four years for “smart renewable and grid modernization projects” and a commitment to advance clean-energy transfer between provinces.
- $2-billion in financing for commercial and large-scale building retrofits (previously announced as part of the Canada Infrastructure Bank’s growth plan), as well as $2.6-billion for home-energy retrofits, announced in the government’s fiscal update.
- $3-billion over 10 years to partner with provinces, NGOs, Indigenous communities, municipalities and private landowners to plant two billion trees.
- Strengthen regulations for methane emissions from the oil and gas sector by establishing new targets and regulations for 2030 and 2035.
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