A research report prepared for New Brunswick’s Climate Change Secretariat concluded that to reach federal and provincial net-zero emission reduction targets by 2050, a “compulsory” carbon price of over $350 per tonne would be required.
The report, titled Pathways to Net Zero Greenhouse Gas Emissions in New Brunswick, was prepared by Navius Research as a guide to policy makers.
“Both New Brunswick and the federal government have established a target of achieving net zero greenhouse gas (GHG) emissions by 2050. Such a target implies reducing emissions to as close to zero as possible while counter-balancing any remaining emissions through carbon dioxide removals from the atmosphere,” wrote analysts.
Under a scenario that includes the federal emissions reduction plan (ERP), researchers conclude that crossing the net zero gap would require “strong and compulsory policies.”
Currently, provinces under the federal carbon pricing scheme pay $65 per tonne with the goal of $170 per tonne by the year 2030.
According to Canadian Taxpayers Federation federal director Franco Terrazzano, Canadians should be worried that the federal government will hike the carbon tax in the future.
“The feds have consistently misled Canadians, so taxpayers should be worried that Prime Minister Justin Trudeau will continue cranking up his carbon taxes,” Terrazzano told True North.
“The carbon tax is a rip off. It doesn’t cut emissions, it just cuts family budgets. Making it more expensive to fill up your car or grocery cart in Canada does nothing to reduce emissions in places like China, India, Russia or the United States.”
However, researchers concluded that stronger measures would be required to successfully reach the targets.
“Under the ERP scenario, the gap to net zero is 6 Mt in 2050. The implication is that strong and compulsory policies are required to close this gap. These policies would entail an effective carbon price of over $350 dollars (2020 CAD) per tonne by mid-century (i.e., a carbon price of that level or a comparable suite of regulatory policies that achieve the same effect).”
New Brunswick is one of several provinces that have recently pushed back against the federal government’s aggressive net-zero goals including the Clean Fuel Regulations and Clean Electricity Regulations.
“It just seems to be a pile-on of additional costs,” said Premier Blaine Higgs during a meeting with other provinces in July.
“Let’s get some recognition for the impact this is having on every day lives.”
On top of the federally regulated carbon tax, in July the federal government introduced a second carbon tax buried in fuel regulations which will cost the average family up to $1,157 annually and increase the price of gasoline at the pump.
