Provincial government inspires Canadian National Carbon Price
The Canadian province of British Columbia adopted a broad-based carbon taxation system in 2008 that proved so successful (increasing GDP by 19% between 2007 and 2016 while reducing emissions by 3.7%) that it was taken up by the national government and scaled across the country. The British Columbian system put a tax on the purchase and use of fossil fuels ($40 per tCO2e as of April 2021, affecting ~70% of regional emissions) and directed revenue toward tax relief and affordability improvements, maintaining industry competitiveness and encouraging new green initiatives. Inspired by this success, the Canadian government introduced a national carbon price in 2016, including a benchmarking system and a federal carbon pricing backstop to encourage provinces and territories to develop regional carbon pricing systems. Since 2019, every jurisdiction in Canada has a price on carbon pollution.
Outputs: Funding and Financing
Outcomes: Localize Climate Finance
Target actors: National Goverment
Complete / Discontinued

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