Arab Canada News
News
By Arab Canada News
Published: June 30, 2022
Ottawa - New federal regulations to impose reductions in greenhouse gas emissions from Canadian gasoline and diesel will cost up to an additional 13 cents per liter at stations by 2030.
An analysis - Clean Fuel Impact - published on Wednesday estimates that it will reduce about 18 million tons of greenhouse gas emissions in 2030, or five to six percent of what Canada needs to eliminate to achieve its current targets for that year.
It will cost between $22.6 billion and $46.6 billion for refineries and other fuel suppliers to comply, or an average of about $151 per ton of emissions reduced.
This impact will lead to a $9 billion reduction in Canada’s GDP and raise gasoline prices by between six and 13 cents per liter in 2030 when the full scope of the regulations is in effect.
Notably, this could cost between $76 and $174 per vehicle, or up to $301 per household.
On the other hand, the analysis said there will be a disproportionate cost impact on low-income households, single mothers, and the elderly, who are more vulnerable to fluctuations in energy costs and are less likely to afford alternatives such as electric cars.
Editing: Dima Abu Khair
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