Federal climate plan credible as long as policies quickly follow, says independent assessment

Author of the article: Figure 2 shows the incremental greenhouse gas emissions impact of each policy or policy package in 2030 relative to the emissions from federal, provincial, and territorial policies already legislated and implemented. GNW Canadian Climate Institute points to five critical policies to accelerate progress Advertisement 2 This advertisement has not loaded yet,…
Federal climate plan credible as long as policies quickly follow, says independent assessment

Author of the article:

Figure 2 shows the incremental greenhouse gas emissions impact of each policy or policy package in 2030 relative to the emissions from federal, provincial, and territorial policies already legislated and implemented. GNW

Canadian Climate Institute points to five critical policies to accelerate progress

OTTAWA, April 05, 2022 (GLOBE NEWSWIRE) — Independent assessment and modelling from the Canadian Climate Institute concludes the federal government’s 2030 Emissions Reduction Plan is credible, but its success will depend on accelerating the implementation of a handful of specific policies. Specifically, the Climate Institute’s analysis shows that the Plan’s success relies on five critical policies, which will together account for nearly two-thirds of the emissions reductions needed to meet the 2030 milestone: continued tightening of Canada’s carbon pricing regime, an oil and gas cap, a Clean Electricity Standard, policies for land-use emissions reductions, and a strengthened Clean Fuel Standard.

“Our independent assessment found the government’s plan to be comprehensive and credible—but time is short, the goal is necessarily ambitious, and hitting that goal is of crucial importance to Canada’s future security and prosperity,” said Rick Smith, President of the Canadian Climate Institute. “If the federal government focuses its energies on getting five policies right, then Canada will be on a promising trajectory towards meeting its 2026 objective and its 2030 milestone.”

Emissions Reduction Plans are a new and important planning tool for the federal government, with subsequent plans to be released every five years under the federal government’s net zero accountability law. In early March 2022, the Canadian Climate Institute released a framework for assessing Canada’s Emissions Reduction Plans. This framework formed the basis of the report released today, which analyzes and independently validates the federal government’s first Emissions Reduction Plan.

“The government’s focus now has to shift to implementation,” said Dave Sawyer, principal economist at the Canadian Climate Institute. “According to our calculations, at least 43 per cent of the emissions reductions are accounted for from policies that have been announced but that still need to be developed. Ultimately, Canada’s success in achieving its emissions milestones will depend not on the credibility of planned policies or modelled outcomes, but on how, and how quickly, the government’s chosen policies are actually implemented.”

The Climate Institute’s independent assessment tempered its positive assessment of the government’s plan with a few notes of caution. In particular, the assessment warned that the many policies included in the 2030 Plan may overlap and could lead to increased costs without driving the necessary emissions reductions.

“The sheer number of policies included in the 2030 Plan could be double-edged,” said Dale Beugin, Vice-President of Research at the Canadian Climate Institute. “Interactions among overlapping policies can sometimes impair performance. So it’s also vital that the government commit to tracking emissions information and adjusting policies as needed.”

About the Canadian Climate Institute

The Canadian Climate Institute is Canada’s independent climate policy research institute, providing evidence-based policy analysis and advice to decision makers across the country.

Additional information

CONTACT

Catharine Tunnacliffe

Director of Communications

(226) 212-9883

A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/37caf6a9-13ab-413d-a21b-c295b48824f5

PDF available: http://ml.globenewswire.com/Resource/Download/0b9398a5-9cb2-44fa-a1f5-331a5ec5a3b4

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Gold as Inflationary Hedge Makes Turkey World’s Biggest Buyer
Read More

Gold as Inflationary Hedge Makes Turkey World’s Biggest Buyer

Turkey was the biggest buyer of gold among central banks last year, with households also rushing to buy the commodity to shield from geopolitical uncertainty and rampant inflation. Author of the article: Bloomberg News Kerim Karakaya and Beril Akman Published Jan 31, 2023  •  2 minute read Join the conversation 2zhupr8vk5{sj{i07ls33{]1_media_dl_1.png Bloomberg RSS (Bloomberg) —…
Eyenuk Launches EyeArt AI System in South Africa in Collaboration with Discovery Health
Read More

Eyenuk Launches EyeArt AI System in South Africa in Collaboration with Discovery Health

A new diabetic retinopathy screening benefit enabled by the EyeArt® AI system is made available by Discovery Health, a global leader in Healthcare and Financial Services Author of the article: LOS ANGELES, Dec. 07, 2021 (GLOBE NEWSWIRE) — Eyenuk, Inc. , a global artificial intelligence (AI) medical technology and services company and the leader in…
Schroders gets nod to set up China fund unit as Beijing speeds up approvals
Read More

Schroders gets nod to set up China fund unit as Beijing speeds up approvals

SHANGHAI — Schroders has obtained Chinese regulatory approval to set up a wholly-owned mutual fund unit in China, as Beijing accelerates opening up its giant financial sector to foreigners. China abruptly dismantled its strict, three-year zero-COVID policy in early December, and the government has apparently stepped up efforts to woo foreign companies and investors to…