As we recently
reported, British Columbia's (BC) Climate Leadership Team
prepared a report setting out 32 recommendations for
BC's climate policy path forward. Recommendation 29 states
that: If the majority of Canadian provinces opt for carbon
pricing via emissions trading to cover greenhouse gases from large
final emitters, a review should be undertaken of mechanisms to
integrate a carbon tax with a cap and trade framework for the BC
According to the World Bank, approximately 40 national and 20
sub-national jurisdictions have put a price on carbon dioxide
(CO2) using carbon taxes or cap-and-trade schemes
– or a combination of both. The World Bank estimates that as
of April 1, 2015, the value of global emissions trading systems was
approximately US $34 billion, while carbon taxes were valued at
about US $14 billion.
While there appears to be a growing consensus on the need to
price carbon, there is no consensus on the most effective means of
doing so – either via taxes or trading schemes – and
the debate continues. BC was an early adopter of a carbon tax which
currently stands at $30 per tonne of CO2 equivalent.
However with Ontario's announcement that it will implement a
cap-and-trade system, the launch of an emissions trading system in
South Korea and the planned cap-and-trade system in China, it
appears that emissions trading is emerging as the carbon pricing
tool of choice. As a result, BC may eventually consider a hybrid
carbon pricing system that segments the market between industrial
activities and commercial transportation (63.4% of BC's
emissions) and the rest of the economy (31.7% of emissions). In a
hybrid system world, the former would likely be included in some
form of cap-and-trade scheme; and the latter would continue to pay
the carbon tax. The policy challenges of such a hybrid system are
discussed in a recent paper co-authored with the Business Council
of British Columbia entitled Carbon Pricing, Fusion Style – Policy
Issues to Consider When Carbon Taxes Meet
The Imperial Oil refinery pled guilty to one offence for discharging a contaminant, coker stabilizer, thermocracked gas, into the natural environment causing an adverse effect and was fined $650,000...
Ontario's Ministry of the Environment and Climate Change continues to roll out its Climate Change Action Plan with its proposed GHG guide for projects that are subject to the province's Environmental Assessment Act.
In June, 2016, Justice Faieta of the Ontario Superior Court of Justice awarded damages of $57,712.31 plus interest against legal counsel who failed to file a claim within the required limitation period.
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