Environment Minister Steven Guilbeault introduced a new evaluation method for the economic cost of greenhouse gas emissions called the “social cost of carbon” at a climate change conference in Ottawa..The “social cost of carbon” incorporates updated scientific knowledge and economic models and shows that the economic impact of greenhouse gas emissions is nearly five times higher than using previous models..“The updates to the social cost of carbon simply show that every tonne of greenhouse gas is costing the economy more,” said Guilbeault..“Great discussion at #NetZero Leadership Summit on the urgent need for ambitious climate action in Canada,” Guilbeault tweeted..“We must stay on track for our pollution reduction targets for 2030 and beyond to ensure a strong and sustainable future. @Canada2020”.Premier Scott Moe asked Guildbeault on Twitter “What does Minister Guilbeault mean by a “social cost on carbon?”.“He is now saying the ‘social cost on carbon (his term) is now $247/tonne — 5X higher than they previously thought and that this is ‘a new tool the federal government is going to use,’” tweeted Moe..“Is this not just a 5X higher carbon tax?”.Guilbeault tweeted that the “Social cost of carbon is not “my term” & it’s not new. It comes from the @EPA and @theNASEM. It’s simple: pollution costs us all & we should understand those costs to help us make smart policy choices. The price on pollution & the direct rebates to Canadians remain the same!”.Former Saskatchewan premier Brad Wall responded to Moe’s tweet about how the Trudeau Liberals said they would cap the carbon tax at $50 per tonne but raised it to $170 per tonne..“In ‘19 before the election — @PierrePoilievre challenged the Liberals on their plan to hike carbon taxes if they were re-elected,” tweeted Wall..“The Liberals said they would cap the carbon tax at $50/tonne if re-elected. They won the election and then released plans to hike it to $170/tonne.”.The updated data was in development for months and were released after a report by the parliamentary budget officer (PBO) on the financial impact of the carbon price..However, the PBO report did not compare the carbon price cost to the overall economic costs of climate change..The “social cost of carbon” is a way to measure the financial impact of every tonne of greenhouse gas emissions on things like food production, human health, disaster repair bills, and property values..The more emissions there are, the more they contribute to global warming, and this can cause extreme weather events to become more frequent and severe as the global temperature increases..Around seven years ago, the analysis predicted carbon emissions would cost approximately $54 per tonne by 2020..According to Guilbeault, the new model suggests the actual cost is closer to $247 per tonne..This year, the cost has further increased to $261 per tonne and by 2030 it will go up to $294 per tonne..“Pause for a moment to understand what this signifies,” said Guilbeault..“Every tonne of carbon we reduce this year saves society as a whole $261 — and we are talking in terms of cutting megatonnes: millions of tonnes.”.According to a recent PBO study, when considering the overall economic impact of carbon pricing, such as reduced income or job loss, some families may end up with less money in 2030 than they would have had without carbon pricing.
Environment Minister Steven Guilbeault introduced a new evaluation method for the economic cost of greenhouse gas emissions called the “social cost of carbon” at a climate change conference in Ottawa..The “social cost of carbon” incorporates updated scientific knowledge and economic models and shows that the economic impact of greenhouse gas emissions is nearly five times higher than using previous models..“The updates to the social cost of carbon simply show that every tonne of greenhouse gas is costing the economy more,” said Guilbeault..“Great discussion at #NetZero Leadership Summit on the urgent need for ambitious climate action in Canada,” Guilbeault tweeted..“We must stay on track for our pollution reduction targets for 2030 and beyond to ensure a strong and sustainable future. @Canada2020”.Premier Scott Moe asked Guildbeault on Twitter “What does Minister Guilbeault mean by a “social cost on carbon?”.“He is now saying the ‘social cost on carbon (his term) is now $247/tonne — 5X higher than they previously thought and that this is ‘a new tool the federal government is going to use,’” tweeted Moe..“Is this not just a 5X higher carbon tax?”.Guilbeault tweeted that the “Social cost of carbon is not “my term” & it’s not new. It comes from the @EPA and @theNASEM. It’s simple: pollution costs us all & we should understand those costs to help us make smart policy choices. The price on pollution & the direct rebates to Canadians remain the same!”.Former Saskatchewan premier Brad Wall responded to Moe’s tweet about how the Trudeau Liberals said they would cap the carbon tax at $50 per tonne but raised it to $170 per tonne..“In ‘19 before the election — @PierrePoilievre challenged the Liberals on their plan to hike carbon taxes if they were re-elected,” tweeted Wall..“The Liberals said they would cap the carbon tax at $50/tonne if re-elected. They won the election and then released plans to hike it to $170/tonne.”.The updated data was in development for months and were released after a report by the parliamentary budget officer (PBO) on the financial impact of the carbon price..However, the PBO report did not compare the carbon price cost to the overall economic costs of climate change..The “social cost of carbon” is a way to measure the financial impact of every tonne of greenhouse gas emissions on things like food production, human health, disaster repair bills, and property values..The more emissions there are, the more they contribute to global warming, and this can cause extreme weather events to become more frequent and severe as the global temperature increases..Around seven years ago, the analysis predicted carbon emissions would cost approximately $54 per tonne by 2020..According to Guilbeault, the new model suggests the actual cost is closer to $247 per tonne..This year, the cost has further increased to $261 per tonne and by 2030 it will go up to $294 per tonne..“Pause for a moment to understand what this signifies,” said Guilbeault..“Every tonne of carbon we reduce this year saves society as a whole $261 — and we are talking in terms of cutting megatonnes: millions of tonnes.”.According to a recent PBO study, when considering the overall economic impact of carbon pricing, such as reduced income or job loss, some families may end up with less money in 2030 than they would have had without carbon pricing.
