“Today’s federal budget is good news for climate action,” Clean Prosperity Executive Director Michael Bernstein said today. “The budget contains important initiatives that will help decarbonize Canada’s economy.”
“The federal carbon tax and rebate system is the centerpiece of Canada’s plan to reduce its emissions, and today’s budget made important improvements to the policy. The budget reaffirms the government’s commitment to return 90% of carbon tax revenue to Canadian households via quarterly rebates, starting in 2022. This is key to making the carbon tax affordable for Canadians.”
“The budget reaffirms the government’s commitment to return 90% of carbon tax revenue to Canadian households via quarterly rebates, starting in 2022. This is key to making the carbon tax affordable for Canadians.”
— Clean Prosperity Executive Director Michael Bernstein
“The budget announced an enhanced carbon tax rebate for farmers, amounting to $100 million in the first year, and rising along with the tax. There’s also $165.5 million for agricultural clean technology, including $50 million to assist farmers in purchasing more efficient grain dryers, an important source of agricultural emissions. Clean Prosperity has called on the government to address farmers’ concerns about the carbon tax. The new money will help them reduce their emissions, and thus avoid paying the tax — as the policy intends.”
“We are also very encouraged to see the federal government provide support for carbon capture utilization and storage, including direct air capture. Canada has a huge opportunity to be a global leader in the carbon management sector, with significant economic benefits going to areas like Alberta and Saskatchewan, where much of the carbon will be captured and stored. With the new tax credit announced today and the funding provided alongside it, Canada has an opportunity to begin catching up in the carbon management race.”
“The 2021 budget includes a number of other important policies that will help complement carbon pricing and carbon management, including funding for deep home retrofits and the net-zero accelerator that will help decarbonize heavy industry.”
“While it’s encouraging to see the federal government confirm that Canada is on track to reduce its emissions by 36% (relative to 2005 levels) by 2030, we eagerly await the announcement of an even more ambitious target later this week, to match the pledges being made by other countries.”
For more information: media@cleanprosperity.ca
