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Ottawa, May 1 (Canadian-Media): The liberal Party of Canada (Liberals) had pointed out strong economic growth in the four largest provinces, Ontario, Quebec, Alberta and British Columbia (B.C.), which had all adopted some form of carbon pricing, media reports said.
In its report, the Environment and Climate Change Canada provided the impact and cost of the federal carbon pricing legislation that is currently working its way through Parliament as part of the 2018 budget bill.
“Our analysis confirms that carbon pricing works, and that it is critical to any credible plan to fight climate change,” Ontario's Environment Minister Catherine McKenna said in an interview on Monday. “It’s cost-effective, and, also it creates the incentive to choose cleaner solutions … which not only saves you money, but it also creates good jobs here in Canada.”
Catherine McKenna. Image credit: Facebook page
The analysis of Environment Canada also concluded if Ottawa imposes a carbon price on provinces and territories without their own carbon tax or have not met federal standards, it would cost the Canadian economy $2-billion or less than 0.1 percent of gross domestic product in 2022,
Finding supporting evidence in the analysis of the carbon-pricing plan Monday, the liberal government had concluded that the federal and provincial levies would reduce greenhouse gas emissions by up to 90 megatonnes by 2022, the equivalent of shutting down more than 20 coal-fired power plants.
But the above analysis excluded the economic impact of carbon pricing in provinces that have implemented their own plans.
Conservative opposition leaders in both Ontario and Alberta had pledged to scrap the provincial carbon levy if they win power in elections to be held in June in Ontario and next spring in Alberta.
The levy “is going to cost the average Canadian family a lot of money, and there is no guarantee that this tax is going to achieve the purpose for which it is established – which is to reduce greenhouse gas emissions,” Conservative Member of Parliament (MP) Ed Fast had told the reporters Monday.
The Parliamentary Budget Office last week estimated that a $50 a tonne levy in all provinces would cost the economy $10-billion in lost GDP by 2022, though that figure could be dramatically reduced if provinces and the federal government returned the carbon-levy revenue to households and businesses through other tax cuts.
Both federal and provincial governments are relying on a mix of carbon pricing, subsidies and regulations to meet their targets.
(Reporting by Asha Bajaj)