Nobody denies that significant progress is being made, including environmental groups tracking the issue. But some of them suggest it still falls short
government to strengthen that province’s industrial pricing regime – the Technology Innovation and Emissions Reduction Regulation – to meet new requirements for avoiding the federal backstop system.
Now, that shelter will be significantly scaled back. Whereas the share of priced emissions for each industrial facility under the previous version of the TIER went up one percentage point each year, the new version will see it rise by two percentage points annually Nobody denies that’s significant progress, including environmental groups tracking the issue. But some of them suggest it still falls short.
Ottawa is fairly dismissive of this concern. It’s eager to declare victory on a big leap for federal-provincial carbon-pricing co-operation, and it can certainly argue that the future of the credits market looks much stronger than previously. Some of those could be complementary to the provincial pricing systems. That may be the case with carbon contracts for differences, a mechanism that Ottawa has promised to develop to use public financing to assure companies investing in clean technologies of a specific financial benefit for each averted tonne of carbon. One possible approach would establish a floor for the value of each carbon credit, although the government has also been considering other models.
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