New “clean fuel” regulations, due to come into force next summer, aimed at reducing carbon emissions, will cost Canadians an average of more than $1,200 a year.
The average cost per household of the government’s clean fuel standard will be “$1,277 per employee per year,” says the research paper, “Economic Analysis of the 2022 Federal Clean Fuel Standard.” [pdf] By LFX Associates, first reported by Blacklock’s Reporter.
The $1,277 estimate takes into account “higher energy costs, lower wages, lower returns on capital and higher overhead costs across the economy,” the paper said.
Clean fuel regulations will “put downward pressure on government revenues and lead to an increase in the annual consolidated government deficit for policy implementation, reaching $5 billion nationally in 2030 and $10 billion in 2040,” the analysis said. said.
“This policy will result in $95.2 billion in additional government debt accumulated by 2040.”
“Second carbon tax”
Dan McTeigue, president of Canadians for Affordable Energy, said the clean fuel standard would amount to a “second carbon tax” that would drive up the cost of living.
“This new carbon tax is being introduced at a time when household costs are skyrocketing. Now the Trudeau government is trying to raise it even higher,” he said in a statement on Oct. 18.
At the Commons on October 21, Environment Minister Steven Guilbeault did not challenge Canadians about the affordable energy figures, but said the costs were justified, according to Blacklock’s.
“Climate change is costing Canadians billions of dollars,” Guilbeau said.
The clean fuel requirement is set to come into effect on July 1, 2023.