🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

UPDATE 2-Canada PM, provinces set outlines of carbon pricing deal

Published 2016-03-03, 07:30 p/m
© Reuters.  UPDATE 2-Canada PM, provinces set outlines of carbon pricing deal
CL
-

(Recasts with end of meeting, adds Trudeau quotes, reaction)
By Julie Gordon
VANCOUVER, March 3 (Reuters) - Canadian Prime Minister
Justin Trudeau persuaded the country's 10 provinces on Thursday
to accept the concept of putting a price on carbon but agreed
the specific details could be worked out later.
The compromise deal was unveiled at the end of a tough day's
talks with the provinces, many of which had signaled their
opposition to the idea of Ottawa imposing a single price across
the country.
Instead, the two sides agreed that mechanisms for pricing
carbon would take into account each province's specific
circumstances. The two sides will present more detailed
proposals at a meeting in October.
Trudeau's Liberal Party won the election last October on a
pledge to do much more than the previous Conservative government
to curb emissions of greenhouse gases, which are climbing as
firms exploit Canada's vast crude-rich oil sands.
"There will be different approaches but pricing carbon is
part of the solution that this country and all of its premiers
will put forward," Trudeau told a news conference.
The provinces, which enjoy significant jurisdiction over the
environment, were wary of Ottawa's intentions and say they
should be allowed to cut carbon emissions their own way.
The federal government can unilaterally impose a tax,
although Trudeau has been pushing for a pan-Canadian solution.
"There was a moment when the conversation was frank,"
Trudeau said, promoting Quebec Premier Philippe Couillard to
break into a broad smile.
Asked whether a province could avoid a set price for carbon
Trudeau said the matter would be among those discussed over the
next six months.
Saskatchewan Premier Brad Wall, speaking to reporters after
the talks, said he believed his province's existing carbon
capture and storage initiative would count as a pricing
mechanisms.
"It's a price on carbon for sure," he said, adding: "If
there is a notion that comes forward that this (agreement) is
some sort of license to pursue a national carbon tax, I will be
in disagreement with that."
The previous federal government had pledged to cut
greenhouse gas emissions to 30 percent below 2005 levels by
2030, a target that official figures show is out of reach in the
absence of radical measures.
Trudeau expressed optimism Canada could reach the goal
"because we are putting forward a comprehensive and ambitious
plan." He did not give details.
The political wrangling on a carbon tax eclipsed the other
major point of contention among Trudeau and provincial leaders -
the construction of new crude oil pipelines.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.