Senator Coyle: Senator Gold, we know that a level of certainty — in fact, a high level of certainty — in carbon pricing is needed to ensure critical future investments in clean technology.

It was announced in the 2030 Emissions Reduction Plan released last week that in order to enhance long-term certainty for investors, the government will be exploring measures that will help provide clarity on the future of carbon pricing. When will the government release more information on these new measures to provide certainty? And could you elaborate on the consultation process that will be undertaken if any such process is planned? Thank you.

Hon. Mary Coyle: Honourable senators, my question is for the Government Representative in the Senate. Senator Gold, a recent PBO study looked at the effect of federal carbon pricing on the economy. It found that most households in the four provinces that are subject to the federal price on carbon are worse off financially.

The Parliamentary Budget Officer, Mr. Yves Giroux, noted:

Under the Government’s HEHE plan, most households in Alberta, Saskatchewan, Manitoba and Ontario will see a net loss resulting from federal carbon pricing. That is, the costs they face—including the federal carbon levy, higher GST and lower incomes—will exceed the Climate Action Incentive rebate they receive.

The PBO study is based on the current situation, and we know that it doesn’t take into consideration any new green technologies that may result in cost savings, nor does it take into consideration the overall costs of climate inaction.

Senator Gold, what is the government doing to address the concerns of Canadians about carbon pricing and to, at the same time, help educate the public on the real cost of climate inaction?