Canada`s Progress in Reducing Greenhouse Gas Emissions Canada`s forecast will reduce its greenhouse gas emissions to 592 megatonnes by 2030, 79 megatonnes below its Paris agreement target. To fill this gap, the PBO notes that an additional carbon price, from $6 per tonne in 2023 to $52 per tonne in 2030, would be required to meet Canada`s GHG emission target under the Paris Agreement. This is in addition to the $50 per tonne of federal carbon prices expected to be in effect by 2022. The PBO assumes that the additional price of CHARBON is mandatory for all countries and sectors, with the exception of agriculture. In comparison, the federal backstop applies only to provinces/territories that have not set a price for carbon. In addition, the PBO assumes that, like the federal carbon price, all revenues collected will be returned to households. It is an ambitious goal, and we do not yet know how any country could do it – because it has never been done before. In 2019, Canada has adopted a 2050 net emissions target; However, it does not yet need to enshrine this objective in law or to publish a plan to achieve it. While we are moving in the right direction, Canada`s current goal is only halfway through.
The summit we need to reach to avoid the most devastating effects of climate change is much higher. A difficult hike awaits us, but they say the view from the top is beautiful. « The Trudeau government has already put in place a series of measures that can be improved over time in Derbiton, including final driving standards for motor vehicles, carbon pricing and other regulations, » Harrison said, adding that the country must oppose inconsistency between its climate goals and its plans to expand oil production for export. In response to environmental and climate change greenhouse gas emissions projections, the PBO intends to publish « estimates of the additional carbon prices needed to meet the Paris 2030 target and its economic impact » each year.