Carbon-pricing system introduced for BC pulp millsFriday 15 Mar 2024
The pricing system sets a performance standard based on the average intensity for the respective industrial sector. Companies that exceed the standard are rewarded with credits. Companies that do not meet the performance standard will have the flexibility to buy credits or offsets. The standard tightens over time as B.C. transitions toward a cleaner economy and in order to comply with federal requirements. Industrial operators also have access to the CleanBC Industry Fund, which supports their transition to clean-energy solutions. Since 2019, the fund has invested CA$215 million back into industry and has reduced nearly nine million tonnes of carbon emissions. The fund will be open for new project applications in spring 2024. B.C. was the first jurisdiction in Canada to bring in a price on pollution in 2008. The Government of Canada’s changes to national carbon pricing requirements meant B.C.’s system needed updating. The shift to an output-based pricing system was a key request of industry following the introduction of the federal carbon pricing backstop. The output-based pricing system supports the Province’s CleanBC goals to lower emissions by 40% by 2030, 60% by 2040, and 80% by 2050. "It's essential that industry take action on its emissions. This new system holds industry accountable for its pollution while advancing new opportunities for jobs in the transition to a clean energy economy. B.C. is setting the bar for other provinces, which we hope will follow a similar path” said Tom Green , Senior Climate Policy Adviser, David Suzuki Foundation . "We appreciate that the government held firm and didn't bow to industry pressure by making concessions that undermine climate action. This well-designed climate policy offers incentives for positive change while retaining B.C. industry's ability to remain competitive. "Given the mounting evidence about the severity of the climate crisis, the system could be even stronger. We believe that as large industry makes real investments to decarbonize production and swap out polluting fossil gas and oil, the benefits of stricter compliance measures will become obvious. We will continue to advocate for more stringent measures, such as exposing more emissions to taxation, when the system is reviewed." Source: news.gov.bc.ca, davidsuzuki.org | ||
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