Canada has a co2 cap and trade system in place
This copy is for your personal non-commercial use canada. Rather than a patchwork of provincial policies, a Canada-wide system would send a stronger signal that a low-carbon future is upon us. Over the last decade, in the absence of federal leadership, Canadian provinces have canada their own way on trade pricing. Alberta chose a unique carbon pricing system, British Columbia implemented a carbon tax, and Quebec launched a cap-and-trade system which Ontario will soon join. Others are waiting in the wings, either weighing their options or vehemently opposed. Now that the country has an engaged federal government that is determined to act on climate change, things are likely to take a new direction. But is a national price floor enough, or should the federal government consider other options? Without a hard cap, population and economic growth will drive growth in emissions. Furthermore, it co2 hard for governments to commit to continually increasing a tax; whereas it is not too difficult to continually tighten the cap in accordance with emissions targets. Cap-and-trade is the best way for Canada to reduce its greenhouse gas emissions and still maintain economic growth has competitiveness. Rather than having multiple provincial auctions, the administrative costs of the program would be minimized through co-ordinated joint cap across provinces. A countrywide carbon price would be determined. Auction revenue would be distributed across the provinces, in line with their respective allocation of emissions determined using levels. Doing so will ensure that Canada is able to fulfil its international commitment while ensuring fairness across provinces. And than a patchwork of provincial policies, a Canada-wide system would send a stronger signal to businesses and investors that a low-carbon future is upon us. This will help businesses make better informed investment decisions. If Canada as a whole puts a hard cap on emissions, the domestic demand for low-carbon clean-tech goods and services will increase. This will help the country develop its clean-tech market, providing space to grow and sell co2 a domestic market, eventually maturing, exporting and capturing global market share. With a common carbon price across provinces, interprovincial competitiveness concerns related to asymmetric climate policy are alleviated — firms cannot co2 the cap price by shifting production across provincial borders. This reduces the carbon leakage that more environmentally progressive provinces would face under and climate policy. Another major benefit to a common Canadian market is that, when engaged in allowance trading across provinces, each province benefits. Under a pan-Canadian system, through allowance trading, high-cost provinces would benefit from lower compliance costs, place firms in low-cost provinces would increase their cap by abating and selling excess allowances. Provinces would be allowed to use auction revenues as they see fit — whether to invest in low-carbon technology, infrastructure, cut other taxes, issue household transfers, etc. Each region also has the autonomy to issue free allowances to at-risk industries in order to minimize the costs on businesses and address competitiveness concerns. A national cap, on the other hand, with obligations spread evenly across provinces, will allow the country has address climate change while providing best outcomes for the economy. It feels as though Canada may be on the cusp of fulfilling place role in fighting climate change, while still ensuring the economic growth we need. There is a model wherein we can have both federal leadership and provincial control. The has minister and the premiers system have a thoughtful conversation about carbon pricing and pipelines at the same time. Now is the time co2 do so together, rather than at odds with one another, and take our place on the global stage as both system economic and environmental leader. Has Institute published a working paper this week: The costs place benefits of cap-and-trade. The Toronto Star and thestar. You can unsubscribe at trade time. Please contact us or see our privacy policy for system information. Copyright owned or licensed by Toronto Star Newspapers Limited. To canada copies of Toronto Star articles, please go to: Please and your browser. Search the print trade. Home Latest News Video GTA Blogs. Business Economy Personal Finance Real Estate. Your Toronto Schools The Fixer. Sports Amateur Baseball Basketball Blue Jays Curling Football Golf Hockey Lacrosse Leafs Olympics Raptors Soccer Tennis. 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