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Carbon Pricing Won’t Hurt GDP: Study

carbon

Jason Franson/The Canadian Press. Source: The Star.

According to a new study by the EcoFiscal Commission, an independent coalition of Canadian economists, the majority of Canada’s economy would not be harmed if Canada had a carbon pricing scheme similar to British Columbia’s.

From The Star:

“Sectors representing about 95 per cent of Canada’s GDP would face little competitive pressure if a B.C.-style carbon price was applied in all provinces….Sectors that would take the biggest hit include steel, petrochemicals, fertilizer and refining.

“For the “small chunk” of the economy that is affected…the key is to design climate policy so revenues collected from a carbon price are used to help the most vulnerable industries. The support must be transparent, so the public can see where the money is going, and it needs to be temporary – only long enough to help exposed industries become more competitive.”

This is good news for those who are worried that carbon pricing will affect our economy on the whole. It is clear that we can take action on emissions through carbon pricing while maintaining a strong economy.

Continue reading the article here. 

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