Beyond Paris: Reducing Canada’s GHG Emissions by 2030
This report assesses the impacts of the Government’s plan to exceed the 2030 reduction target for Canada’s greenhouse gas emissions under the Paris Agreement.
Increasing the federal fuel charge to $170 per tonne and tightening OBPS will help Canada achieve over half of the 168 Mt reduction projected in Budget 2021. Nonetheless, significant reductions from less visible non-price policies, already announced, will be needed to reach that objective.
Our estimates of the cost of announced non-price policies required to achieve the emissions reduction in Budget 2021 (exceeding the Paris target), are based on the assumption that the measures chosen are those with the lowest cost. That is to say, they are inherently optimistic.
Our assessment shows that the largest economic impact of reducing emissions will fall on the transportation and oil and gas sectors.
Parliamentary Budget Officer