A price on carbon pollution is widely recognized as the most efficient means to reduce the greenhouse gas emissions that are contributing to the more intense wildfires, droughts, and floods caused by climate change.
Canada believes that it shouldn't be free to pollute. Pollution pricing also becomes most effective when more countries and nations adopt it-broader coverage means more opportunities to find and invest in clean solutions.
As co-chair with Panama of the Carbon Pricing in the Americas initiative, Quebec has built strong partnerships across the region, promoting collaboration on best practices for carbon pricing. This effort exemplifies how carbon pricing can effectively reduce emissions while driving economic growth. In support of this leadership, the federal government also announced $750,000 for the Carbon Pricing in the Americas initiative. This funding will support enhancing technical capacity in expertise with partners that are members of the Carbon Pricing in the Americas initiative.
Canada remains a leader in promoting the implementation of carbon pricing at home and abroad. The Carbon Pricing in the Americas initiative was launched by Canada and Mexico in 2018 and has promoted the adoption and implementation of carbon pricing throughout the Americas. Canada also launched the Global Carbon Pricing Challenge to expand the use of carbon pricing globally. The Global Carbon Pricing Challenge is complementary to the Carbon Pricing in the Americas initiative in that it also aims to highlight experiences with carbon pricing and rallies global leaders to promote the value of carbon pricing. This challenge, as set by Prime Minister Justin Trudeau, is to achieve the objective of 60 percent of global emissions covered by carbon pricing by 2030 and a commitment to support developing countries.
Canada and Quebec are not alone in putting a price on carbon pollution-according to the World Bank, there are currently 75 carbon pricing instruments in operation worldwide. Canada's actions are aligned with some of the world's largest economies, which have also adopted carbon pricing as an effective, low-cost tool to lower emissions while driving economic growth.
Canada is glad to be working with Quebec in accelerating action on carbon pricing and encourages more jurisdictions to step up and join both Carbon Pricing in the Americas and the Global Carbon Pricing Challenge to promote carbon pricing as a low-cost, effective way of reducing emissions and driving innovation.
