Climate protection plan urges price on carbon to fund green industrial revolution in Canada

Friends of the Earth-Canada and Corporate Knights Magazine have released a detailed plan for climate protection. The plan provides a powerful signal--it says the time has come to put a price on carbon and open the floodgates of innovation for a green industrial revolution in Canada.

(Ottawa, Ontario, February 28, 2007) Today, Friends of the Earth-Canada and Corporate Knights Magazine released a detailed plan for climate protection. The plan provides a powerful signal--it says the time has come to put a price on carbon and open the floodgates of innovation for a green industrial revolution in Canada.


By placing a clear price on carbon, the plan would harness over $20 billion per year to fund a low-carbon economy, while meeting Kyoto deadlines and new targets beyond. It provides a carbon fee schedule, identifies capital available for redeployment, and details the options available for each sector in Canada to make meaningful carbon emission reductions.

"With this plan, Canadian businesses could confidently redeploy their capital in support of Canada's Kyoto promise and tap the burgeoning global demand for decarbonising and low-carbon technologies," said Toby Heaps, Corporate Knights Editor-in-Chief and Friends of the Earth-Canada Board Member. "Our climate protection plan is unique and compelling--it taxes carbon emissions, and uses the funds to mobilize a massive redeployment that would trigger Canada's green industrial revolution."

The climate protection plan starts with reducing the emissions from the biggest sources. Close to 50% of Canada's greenhouse gas (GHG) emissions are generated by a few hundred industrial facilities, much of it from upstream oil and gas, and coal-fired electricity generators. Just 10 facilities--all oil sands and coal generated power plants--accounted for 94 megatonnes in 2005, or about 1/8 of Canada's total GHG emissions.

Everyone would share in the costs and the benefits of reducing greenhouse gas emissions. Consumers would see an increase of 10 cents per litre at the gas pumps which would generate $3.7 billion per year. Carbon taxes on direct emissions from heating fuel for homes would generate approximately $2.2 billion per year. These funds would be directly applied to financing initiatives such as retrofits, less polluting transport, renewable power production and geothermal systems for home heating and cooling. In total, a family might see a cost of $450 to $900 a year, depending on their use of gasoline and electricity. But at the same time, they would be drawing on the incentive programs delivered from the carbon tax.

"Compared to the current government's projection of chaos and gloom, we think Canadians will agree with putting a price on carbon," explained Beatrice Olivastri, Friends of the Earth-Canada CEO. "For the price of buying a large pizza once a week, Canadian consumers can play a leadership role in combating global warming under this plan. We believe Canadians want to honour Canada's Kyoto promise while building a prosperous, low-carbon economy. Our climate protection plan will deliver prosperity as if the planet matters."

The climate protection plan, "Powering Canada's Green Industrial Revolution" is available at www.corporateknights.ca and www.foecanada.org .

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For more information and to arrange interviews, contact:

Jonathan Laderoute, ECO media relations, 416-972-7401, laderoutej(at)huffstrategy.com
Toby Heaps, 613 274-1432, toby@corporateknights.ca
Beatrice Olivastri, 613 724-8690, beatrice@foecanada.org

Friends of the Earth-Canada is a voice for the environment, working nationally and internationally to inspire the renewal of communities and the earth through research, education and advocacy. It is the Canadian member of the 70 country strong Friends of the Earth International. www.foecanada.org

Corporate Knights is an independent Canadian-based media company that publishes the world's largest circulation magazine with an explicit focus on corporate responsibility. The mission of Corporate Knights Inc. is to humanize the marketplace. www.corporateknights.ca

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