July 22nd, 2024

Here’s a look at the nuts and bolts of the Liberals’ new carbon pricing data

By The Canadian Press on June 13, 2024.

Smoke pours from the stacks in Toronto on Thursday January 15, 2009. THE CANADIAN PRESS/Frank Gunn

OTTAWA – The federal Liberals published data on the economic and emissions impact of carbon pricing on Thursday. The charts made public are the ones delivered to the parliamentary budget officer last month, which the Conservatives demanded the Liberals make public.

Here’s a snapshot of what they say, along with some additional data on carbon pricing.

24.6 million tonnes: Expected greenhouse-gas emissions cut in 2023 due to carbon pricing.

78.4 million tonnes: Expected greenhouse-gas emissions cut in 2030 due to carbon pricing.

27.2 million tonnes: Expected greenhouse-gas emissions cut from oil and gas production in 2030 due to carbon pricing

22.4 million tonnes: Expected greenhouse-gas emissions cut from heavy industry in 2030 due to carbon pricing.

$7 billion: Expected reduction to GDP in 2023 due to carbon pricing.

$25 billion: Expected reduction to GDP in 2030 due to carbon pricing.

$25 billion: Expected reduction to GDP in 2025 due to climate change.

$294: Estimated cost that every tonne of greenhouse-gas emissions adds to society, including for food production, health care, insurance premiums, disaster bills and property values.

$80 per tonne: Current carbon price cost

$170 per tonne: Carbon price planned for 2030

$11 billion: Total amount of Canada Carbon Rebate expected to be sent to families in 2024.

Sources Environment and Climate Change Canada, Canadian Climate Institute.

This report by The Canadian Press was first published June 13, 2024.

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