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According to a 2018 report, British Columbia, which has had a carbon price since 2008, had the fastest growing economy in Canada. [52] In their April 25, 2019 report, Canada's Parliamentary Budget Officer estimated that the federal government "will generate CA$2.63 billion in carbon pricing revenues in 2019-20."
Canada is aiming to cut emissions 40-45% below 2005 levels by 2030 and a steadily rising carbon price is a key part of the Liberals' climate plan. It is due to increase again on April 1 to C$80 ...
The Greenhouse Gas Pollution Pricing Act [a] (French: Loi sur la tarification de la pollution causée par les gaz à effet de serre) is a Canadian federal law establishing a set of minimum national standards for carbon pricing in Canada to meet emission reduction targets under the Paris Agreement. [2]
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In practice, it has resulted in a fairly strong carbon price from 2005 to 2009, but that was later undermined by an oversupply and the Great Recession. Recent policy changes have led to a steep increase of the carbon price since 2018, exceeding 100€ ($118) per ton of CO 2 in February 2023. [8]
The Canadian government invoked Canada's legal right to formally withdraw from the Kyoto Protocol on December 12, 2011. [85] Canada was committed to cutting its greenhouse emissions to 6% below 1990 levels by 2012, but in 2009 emissions were 17% higher than in 1990.
The price being set for the social cost of carbon is dependent upon the administration in charge. While Obama was in office, the administration paved the way for the first estimate of putting a price on carbon emissions. The administration estimated that the cost would be $36 per tonne in 2015, $42 in 2020, and $46 in 2025. [17]