Ottawa, January 7, 2008 – Canada can achieve deep greenhouse gas (GHG) emission reductions by 2050, but only by putting a price on carbon emissions throughout the entire Canadian economy beginning as soon as possible, concludes the National Round Table on the Environment and the Economy (NRTEE) in a new climate change report released today entitled Getting to 2050: Canada’s Transition to a Low-emission Future (pdf report).
At the request of the Minister of the Environment, the NRTEE explored potential scenarios for how Canada could achieve deep, long-term GHG emission reduction targets (20% by 2020 and 60% to 70% by 2050 from current levels), as well as air pollutants reduction targets (50% and 80% by 2050). The report sets out a framework for how Canada can transition to a low-emission future and achieve these long-term emission reductions.
The central recommendation of the report is to establish an economy-wide price signal for carbon emissions as soon as possible. The NRTEE research shows that the most effective and efficient policy that would result in deep GHG emission reductions is a market-based policy, such as an emissions tax, a cap-and-trade system, or a combination of the two. In order to achieve the deep emission reduction target, this policy would need to be complemented by other sector-specific regulatory measures to force emission reductions from those parts of the economy that do not respond to a price signal. (…)
Those pesky free-market capitalists…