Another Nail in Canada's Carbon Coffin?

Canada's longstanding position on fossil fuels is "We just make the stuff. We're not responsible for what someone else does with it."

That argument seems to be running into resistance and it may affect Canada's free trade deal with the European Union.

The European Union has released details of its long-proposed carbon tariff, inelegantly known as a carbon border adjustment mechanism.

In simple terms, it is a charge imposed on overseas businesses that make products that lead to greenhouse gases being pumped into the atmosphere but don’t face a cost for them at home.

Does that ring any bells?

As part of its sweeping proposals to tackle global heating released on Wednesday, the EU executive said it would impose a levy on some big-emitting import industries.

The first industries to face potential costs include cement, iron and steel, aluminium, fertiliser and electricity. Businesses are expected to face reporting obligations from 2023, with the costs starting in 2026.

The idea of carbon tariffs is not particularly new – there have been studies and proposals dating back years – but the global push to cut emissions has accelerated in recent months. All members of the G7 have announced much deeper emissions reduction targets for 2030 over the past year. 

Deeds, not words.

...the goal of the EU proposal is to avoid emissions cuts on the continent being undermined when it brings in goods from countries that are not acting on climate in the same way. The bloc has set a target of cutting emissions by 55% cut compared with 1990 levels by 2030.

It would require EU-based businesses that import goods to pay a price linked to what they would have paid if the items had been produced under the EU’s own emissions trading scheme.

The Australians are already howling like cut cats.  Could the EU policy compel Canada to put an export carbon tax on the filthiest fossil fuels, coal and bitumen? Trudeau certainly talks a good game but he invariably falls short on delivering the goods.

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