The Canadian Government announced on Monday its intention to accelerate investments in clean electricity to speed up the transition from traditional coal power to clean energy by 2030, promising to phase out traditional coal-fired electricity.
Additionally, Canada’s Minister of Environment and Climate Change, Catherine McKenna, also announced an agreement between the Governments of Canada and Nova Scotia to implement a cap-and-trade price on carbon pollution, alongside its aims to negotiate a new equivalency agreement on the accelerated coal phase-out.
Announced on Monday, Catherina McKenna put forward Canada’s new vision for a clean-growth economy, accelerating the transition from traditional coal power to clean energy by 2030 — defining “traditional coal power” as coal-fired electricity that does not use carbon capture and storage to trap carbon dioxide and store it.
The Government of Canada will back this accelerated transition by using the Canada Infrastructure Bank to increase investments and financing of clean energy projects and modern electricity systems between provinces and territories. The Government is aiming to put Canada on a path to move from 80% towards 90% non-emitting energy sources by 2030, improving the air quality, and reducing greenhouse gas emissions by more than five megatonnes in 2030 — the equivalent of taking 1.3 million cars off the road.
“Taking traditional coal power out of our energy mix and replacing it with cleaner technologies will significantly reduce our greenhouse gas emissions, improve the health of Canadians, and benefit generations for years to come,” said Catherine McKenna, Minister of Environment and Climate Change. “It sends a clear signal to the world that Canada is a great place to invest in clean energy.”
Parallel to this announcement is an agreement with the province of Nova Scotia, which will see the implementation of a cap-and-trade price on carbon pollution that aligns with Canada’s pan-Canadian approach to pricing carbon pollution. Nova Scotia will also adopt a province-wide target that meets or exceeds Canada’s target of reducing emissions by 30% over 2005 levels by 2030.
“We are extremely pleased that the province of Nova Scotia intends to implement a cap-and-trade system as its approach to pricing carbon pollution,” said Catherine McKenna. “Their proposed approach ensures that Nova Scotia will remain a leader in contributing to Canada’s international emissions-reduction target under the Paris Agreement.”
Nova Scotia will also enter into negotiations with the Government of Canada to create a new equivalency agreement on the accelerated coal phase out.
“We will be working on an updated equivalency agreement on the accelerated coal phase-out in order to recognize Nova Scotia’s strong action on reducing GHG emissions,” continued McKenna. “Today’s announcement demonstrates our commitment to a collaborative, productive approach to clean growth and climate change, and we will continue working with all provinces and territories to build the low-carbon economy of the future.”
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