The government’s Net Zero by 2050 emission-reduction plan includes: the federal carbon tax, clean fuel standards, and various other GHG-related regulations, such as energy efficiency requirements for buildings, fertilizer restrictions on farms, and electric vehicle mandates.
By 2050, these policies will have imposed significant costs on the Canadian economy and on workers. For example:
• Canada’s economy will be 6.2 per cent smaller in 2050 than it would have been without these policies.
• Workers will make $8,000 less annually.
• And there will be 254,000 fewer jobs.
The study also shows that even a carbon tax of $1,200 per tonne (about $2.70 per litre of gas) would not get emissions to zero. Crucially, the study finds that the economically harmful policies can’t achieve net-zero emissions by 2050 and will only reduce GHG emissions by an estimated 70 per cent of the government’s target.
“Despite political rhetoric, Ottawa’s emission-reduction policies will impose enormous costs without even meeting the government’s target,” McKitrick said.
“Especially as the US moves aggressively to unleash its energy sector, Canadian policymakers need to rethink the damage these policies will inflict on Canadians and change course.”
MEDIA CONTACT:
Ross McKitrick, Senior Fellow, Fraser Institute
To arrange media interviews or for more information, please contact:
Drue MacPherson, Media Relations Coordinator,
604-688-0221 ext. 721,
drue.macpherson@fraserinstitute.org
