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December 14, 2020

Canada Announces Increase In Carbon Tax, New Investments In Energy Infrastructure

As CTV News reported, on the five year anniversary of the Paris Climate Accord, the Canadian government released a $15 billion plan to meet its climate change targets.

The outline includes raising the federal carbon tax over the next decade, first by raising the cost by $10 per ton per year and then by raising it $15 per ton in later years. By 2030, the price of carbon will be $170 per ton, a price that will increase the cost of gasoline by 27.6 cents a liter.

The plan also calls for:

  • Investing $1.5 billion over three years for green and inclusive community buildings;
  • Developing a robust, low-emission building materials supply chain;
  • Conducting Canada’s first-ever national infrastructure assessment, starting in 2021, to help identify needs and priorities in the built environment;
  • Investing an additional $150 million over three years in charging and refueling stations across Canada;
  • Making historic investments in public transit;
  • Including a 100-percent tax write off for commercial light-duty, medium- and heavy-duty zero-emission vehicles; and
  • Connecting parts of Canada that have abundant clean hydroelectricity with parts that are currently more dependent on fossil fuels for electricity generation.

Click here to read the full plan.

The Canadian Manufacturers and Exporters organization issued a press release praising the new measures.