The Canadian federal Government has released further details on the introduction of a federal carbon tax pricing system. The Ministry of Environment and Climate Change and the Ministry of Finance have issued draft legislative proposals for public comment. The proposed legislation would apply in Canadian provinces and territories that request it or which haven't implemented a pricing system to meet the 2018 federal standards.
As of January 2018, four provinces covering 80% of the Canadian population (Alberta, British Columbia, Ontario and Quebec) have implemented a carbon pricing system and all provinces have committed themselves to adopt a carbon pricing system in the future.
Canada's nationwide climate-change strategy currently includes a carbon tax, which has to be either adopted by the provinces or imposed by the federal government, beginning at C$10/t (US$8/t) in 2018 and rising up to C$50/t (US$40/t) by 2022. This objective is a key pillar in Canada’s strategy to meet its Paris Agreement target of reducing greenhouse gas emissions (GHGs) by 30% below 2005 levels by 2030.
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