New federal fuel regulations are coming soon — here's what you can expect
The Parliamentary Budget Officer predicts that Saskatchewan could be among the provinces hardest hit by new fuel regulations, while an economist says the province also stands to benefit from a boost to biofuels.
"The clean fuel standard has a potential for quite a disproportionate impact in various areas of the nation."Saskatchewan Premier Scott Moe says the regulations could have a 'disproportionate impact' on some parts of the country. The goal is to push companies that produce or import fuel to gradually reduce the emissions intensity of that process by setting a ceiling and dropping it each year. By 2030, the rules will require a 15 per cent cut in emissions intensity compared to 2016 levels.
It's also possible for others to earn credits through investments in, for example, electric vehicle charging stations, and to sell those credits to fuel producers.The new Clean Fuel Regulations come into force on July 1 but refineries will have a year to comply. The federal government says it doesn't think consumers will notice any added costs right away.
The economic cost will be a hit to GDP of roughly $9 billion and a cut to emissions of about 27 million tonnes in 2030, says an ECCC regulatory impact analysis.
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