Independent studies by Deloitte, the Parliamentary Budget Officer and the Conference Board of Canada found that the cap could cost billions in revenue and kill tens of thousands of jobs, with losses concentrated in Western Canada.
Energy analyst Heather Exner-Pirot said that softening commodities prices have blocked off at least one potential off-ramp.
“If you’d asked me three moths ago, I’d have told you that the ‘grand bargain’ on carbon capture was a possible off-ramp, in terms of something you could swap the cap out for … but I just don’t see how that works when oil is at $60 a barrel,” said Exner-Pirot.
Exner-Pirot said that one saving grace for Carney is that the regulations are still in their draft form.
“The best off-ramp on the table right now is to just not finalize the regs,” said Exner-Pirot.
Carney is expected to make a major announcement relating to Canada’s economic competitiveness on Friday. Some analysts have speculated that the emissions cap and other Trudeau era climate policies could be on the chopping block.
I doubt that Carney will be that rigid.
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