Canada Releases New $7.3 Billion Emissions Reduction Plan

Canada Releases New $7.3 Billion Emissions Reduction Plan - Carbon Herald

Canada continues the acceleration of clean energy investment. Prime Minister Justin Trudeau announced on Tuesday a new $7.3 billion (9.1 billion CAD) climate spending plan to help Canada meet its carbon emissions target. It is called the 2030 Emissions Reduction Plan and includes measures to decarbonize the country. 

During his speech in Vancouver, the Prime Minister expressed the ambitions of Canada to focus on clean energy. He also linked the country’s plan to Europe’s efforts to move away from Russian oil and gas after the invasion of Ukraine and push towards renewable energy as the strategy to end dependence on Russian exports of fossil fuels.

“The leaders I spoke with in Europe over the past few weeks were clear: They don’t just want to end their dependence on Russian oil and gas, they want to accelerate the energy transformation to clean and green power… Canada cannot afford not to do that,” said Prime Minister Trudeau.

The new government plan will aim for Canada to achieve its greenhouse gas reduction target of 40 to 45% below 2005 levels by 2030 and put it on a path to reach net-zero emissions by 2050.

Relevant: Energy Transition In Canada Would Cost $2 Trillion And Carbon Capture Is Part Of It

Some of the measures outlined include carbon pricing, clean fuels and target actions in sectors ranging from buildings to vehicles. Announced are a $2.3 billion (2.9 billion CAD) investment in zero-emission vehicles and related infrastructure and $800 million (1 billion CAD) in greening the Canadian homes and buildings.

Credit: Flickr

The government will allocate $780 million to the Nature Smart Climate Solutions Fund to deliver additional emission reductions from nature-based climate solutions. Farmers will also be supported to adopt sustainable practices like cover crops, rotational grazing, and fertilizer management. 

Even though The Canadian government under Trudeau has long championed the environment front, critics are saying it has had relatively weak results. They claim that the country is still not doing enough to phase out fossil fuels completely out of the economy and not spending as much as needed to scale up proven climate solutions like renewables.

Relevant: Canadian Scientists Plead Rejection Of The Carbon Capture Tax Credit

Canada is among the top 10 largest greenhouse gas emitters globally and one of the highest emitters per capita, responsible for about 1.6% of global CO2 emissions. Bolder climate actions are necessary to cap emissions from the oil and gas industry and support true net zero results.

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