So-called “clean” energy sources will not be able to entirely replace fossil fuels in the near term.
The Trudeau government recently announced a federal grant of up $420 million to Algoma Steel.
If Canada removed all fossil-fuel cars from the roads, emissions would only drop by 5 per cent.
Cutting emissions by 25 per cent would impose a permanent cost of about 2.0 per cent of GDP.
If you think we need to reduce CO2 emissions, use a single targeted policy to reduce CO2 emissions.
The plan introduces a new package of regulations including a renewable gas mandate.
The plan includes a “carbon price” between $20 per tonne and $50 per tonne on fuels.
A $170 per tonne carbon tax will cost the province an estimated 2,200 jobs.
A tax on businesses is paid by people who own the businesses.