![]() ![]() Provincial systems in place in Prince Edward Island, Alberta, and Saskatchewan also meet them for the emission sources they cover. The auction price of carbon credits was roughly $22 CAD as of early December 2020.Ĭarbon pricing systems are in place in Quebec, Nova Scotia, Newfoundland and Labrador, the Northwest Territories, New Brunswick, and British Columbia that meet federal benchmark stringency requirements (the backstop). Quebec operates a cap and trade system, linked with California, that covers up to 85% of industrial emissions.British Columbia levies a carbon tax of $40/t on fossil fuels used for transportation and home heating, with revenues used to make the policy affordable for consumers and supportive of industrial competitiveness.If it doesn’t meet the standards or declines to implement a system, the federal backstop kicks in.Ĭurrent status of provincial and federal carbon pricing (as of July 2021)īritish Columbia and Quebec had carbon pricing prior to the 2018 federal legislation. ![]() As long as a province/territory meets these minimum standards, it can implement and operate its own carbon pricing system. ![]() These legal minimums are referred to as the federal pricing backstop. Federal legislation established a minimum carbon price of $20/tCO2e in 2019, rising to $50/t in 2022.Every jurisdiction must meet minimum standards as set out in federal policy and legislation. Given developments elsewhere, the Canadian government is currently considering the application of a border carbon adjustment, working in cooperation with global partners.Ĭarbon pricing works differently in each province and territory in Canada.Get Canada two-thirds of the way towards our net-zero emissions target.Help Canada achieve and surpass our Paris target, and.Clean Prosperity modeled the impact of such a price increase prior to the government’s announcement, and that shows that it will:. ![]()
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