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Cap-and-Trade to Cost Nova Scotians Less than Federal Approach

Nova Scotia’s climate change plan will protect the pocketbooks of Nova Scotians and preserve the environment for future generations.

The federal government announced in 2016 that all provinces and territories must put a price on carbon pollution and gave them three choices: a carbon tax, a cap-and-trade program or a blend of the two. The government also said it would impose its own approach on any jurisdiction that did not comply.

Today, Oct. 23, the federal government accepted Nova Scotia’s cap-and-trade program, which will cost far less than the federal approach to carbon pricing.

“Thanks to the hard work of Nova Scotians, our province is already a national leader in the fight against climate change,” said Premier Stephen McNeil. “Through this program, we will reduce emissions with very minimal cost to Nova Scotians.”

Independent consultant Navius Research Inc. estimated cost increases for Nova Scotia over the first four years of carbon pricing. For example, the cap-and-trade program will add about one cent per litre to the price of gas, as opposed to about 11 cents per litre by 2022 under the federal approach. Cap-and-trade will increase electricity rates by about one per cent, versus about eight per cent under the federal plan.
Government also announced today that Nova Scotia is setting one of Canada’s most ambitious greenhouse gas reduction targets for 2030.

“Building on our success to date, we will reduce greenhouse gas emissions by 45 to 50 per cent from 2005 levels by 2030,” said Environment Minister Margaret Miller. “This is a very important step we are taking to ensure a bright, sustainable and prosperous future for Nova Scotia.”

The target is for all greenhouse gas emissions in the province. Cap-and-trade is one of the steps the province is taking to meet that target. It will begin Jan. 1.

More information is available at climatechange.novascotia.ca .

Source: Release

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