In this article, you will get all information regarding Federal carbon pricing to take effect in Nova Scotia, Prince Edward Island and Newfoundland and Labrador
The federal government will impose its fuel charge — commonly known as the carbon tax — on consumers in Nova Scotia, Prince Edward Island and Newfoundland and Labrador next July.
CBC has learned that Environment and Climate Change Minister Steven Guilbeault will announce on Tuesday that Ottawa is imposing its federal carbon backstop on those provinces.
These three provinces will join Alberta, Saskatchewan, Manitoba and Ontario in federal support. New Brunswick, Quebec, Northwest Territories and British Columbia will continue to monitor their own carbon pricing regimes.
The federal award goes into effect July 1, and consumer rebates — the federal government’s tax-free Climate Action Incentive Payments (CAIPs) — are expected to arrive in the weeks following.
Quarterly CAIP payments typically arrive in January, April, July and October — part of the federal government’s plan to return 90% of the money it collects through the carbon tax. A family of four is expected to receive between $240 and $400 each quarter in the Atlantic provinces where the federal backstop now applies, according to a senior government source who was not authorized to speak. publicly.
Tuesday’s announcement comes a day after the federal government announced an initial grant of up to $5,000 to help low- to middle-income households switch from oil-fired furnaces to heat pumps.
The price of carbon currently sits at $50 per tonne of emissions; it is expected to rise to $65 per ton in 2023 before reaching $170 per ton in 2030.
In principle, carbon pricing takes into account the full costs of increased greenhouse gas emissions – forest fires, heat waves, droughts and loss of property due to flooding. By tying these costs to burning fossil fuels, governments hope to make it easier and cheaper over time for businesses and consumers to choose low-carbon options.
The Liberal government sees carbon pricing as the most effective way to price pollution and drive clean innovation.
According to the World Bank, 68 National or sub-national carbon pricing cover about 20% of global emissions.
While the Canadian government will impose its carbon price in these three Atlantic provinces, Guilbeault is expected to announce that large emitters in Saskatchewan will no longer be subject to the federal government’s system. Ottawa accepted Saskatchewan’s output-based pricing system.
Federal carbon pricing to take effect in Nova Scotia, Prince Edward Island and Newfoundland and Labrador
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