Last month, the federal government released its draft legislation to institute a minimum price on carbon. Starting in 2019, businesses in every province will have to pay for the carbon they emit into the atmosphere, whether it’s through a provincial system or a federal “backstop.” This is a clear signal that carbon pricing is here to stay. Any kind of backtracking would require major, synchronized, and controversial policy changes by multiple levels of government. On top of that, carbon pricing is now a clear global trend; China just rolled out the first phase of the largest carbon market in the world.
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