Carbon Pricing Cannot Work Alone

The recent increase in carbon pricing has brought much backlash from provincial politicians who are at odds with the federal government, and members of the general public. Social media is flooded with disparaging remarks about not only the increase but the federal government as well. In a Leger online poll conducted last summer and referenced by Global News in a September 13, 2023, article (More Canadians growing worried about climate change amid extreme weather: poll), 72 percent of those surveyed said they were worried or very worried about climate change. However, only 40 percent said they would change their behaviour if the change would result in a cost to them, so while nearly three-quarters of those polled said they were worried, significantly fewer were willing to act.

Greenhouse gases trap heat from the sun in our planet’s atmosphere, keeping it warm. However, despite unequivocal research about the impact of our activities on the planet’s climate and growing awareness of the severe danger climate change poses to our societies, greenhouse gas emissions keep rising. Global fossil fuel production in 2030 is set to be more than double the levels deemed consistent with meeting climate goals set in 2015. According to the United Nations Environment Programme (UNEP) report released ahead of November’s COP 28 meeting in Dubai, of the 20 major fossil fuel countries, none had committed to reducing coal, oil, and gas production in line with limiting warming to 1.5°C. Further, it reported that of the 17 countries that pledged to reach net zero emissions, most continue to promote, subsidize, support, and plan the expansion of fossil fuel production. (https://www.cnn.com/2023/11/08/climate/fossil-fuels-expansion-un-report-climate-intl/index.html) The 20 major fossil fuel-producing nations include Australia, Brazil, Canada, China, Colombia, Germany, India, Indonesia, Kazakhstan, Kuwait, Mexico, Nigeria, Norway, Qatar, the Russian Federation, Saudi Arabia, South Africa, the United Arab Emirates, the United Kingdom of Great Britain and Northern Ireland, and the United States of America, who collectively account for 82 percent of global fossil fuel production and 73 percent of consumption.

Environmental activists have long argued Canadians need to be thinking not just about how much it costs to change our behaviour to slow climate change, but also how much it costs if they do not act, including extreme weather effects on things like food production, human health, and disaster-repair bills. Since the Paris Climate Agreement of 2015, countries around the globe have been taking action to varying degrees to limit greenhouse gas emissions tied to an increasing overall earth temperature. In a report written by Sean Cleary, Chair, Institute for Sustainable Finance and Neal Willcott, PhD Candidate, Smith School of Business, Queen's University, Carbon Pricing: Necessary but not Sufficient, October 2023, (https://smith.queensu.ca/centres/isf/pdfs/carbon-pricing.pdf), the authors concluded that “while carbon pricing can play a critical role in reducing greenhouse gas emissions and limiting global warming, it must be supported by other policy measures and innovation to reach the Paris Agreement targets… [as there were] no feasible carbon pricing scenario that was high enough to limit emission sufficiently to achieve anything below 2.4°C warming on its own.” Some complementary actions the authors suggest include regulations and incentives to decarbonize Canada’s transportation system (i.e.: electric vehicles), setting ‘green’ standards for new buildings and incentives for retrofits, and improving industrial processes to achieve zero-emission steel and cement.

Climate change mitigation refers to any action taken by governments, businesses, or people to reduce or prevent greenhouse gases, or to enhance carbon sinks that remove them from the atmosphere. Effective mitigation requires a whole-of-society approach but faces challenges due to the deep dependence on fossil fuels, the increased demand for new mineral resources, and the difficulties in revamping food systems. Transitioning to renewable energy sources, enhancing energy efficiency, and adopting regenerative agriculture practices are all practices that can be part of an effective mitigation effort.

In 2021, the International Energy Agency (IEA) published Net Zero by 2050: A Roadmap for the Global Energy Sector, which set forth a narrow but achievable path by which the global energy sector could reach net zero emissions by mid-century. “No technological breakthroughs are required to achieve the 75 % cut in methane emissions from oil and gas operations to 2030. All technologies and measures are well known and have been deployed in multiple locations around the world. (https://www.iea.org/reports/global-methane-tracker-2024/methane-emissions-in-a-15-0c-pathway#abstract) The IEA was created in response to the oil crisis in the mid-1970s. In October 1973, OAPEC, the Organization of Arab Petroleum Exporting Countries, implemented an oil embargo against countries who had supported Israel in the Yom Kippur War of October 6-25, 1973. The embargo initially targeted Canada, Japan, the Netherlands, the United Kingdom, and the United States, however by the time the embargo was lifted in March 1974, it had expanded to include Portugal, Rhodesia, and South Africa as well. The embargo showed how dependency on imported oil left industrialized countries vulnerable to international events. The IEA works with governments and industry to “shape and secure a sustainable energy future for all.” At the Ministerial Meeting of March 2022, the member governments agreed to expand the IEA’s mandate to include guiding countries as they build “net-zero emission energy systems to comply with internationally agreed climate goals.” (iea.org) According to IEA’s Global Methane Tracker 2024, over 45 million tonnes of emissions could have been reduced in 2023 while generating savings for countries and companies through known abatement measures.

Overall global warming of 2 degrees increases the likelihood of the collapse of the polar ice sheets and the mass death of coral reefs. (https://www.cnn.com/2023/11/20/climate/2-degree-warming-limit-record-copernicus-climate-int/index.html). It may be difficult for the average person to appreciate how such a seemingly small temperature change can have an impact of the magnitude environmentalists warn about, so to add perspective consider that global temperatures are only five degrees Celsius warmer than that of the last ice age. Global temperatures are averages of temperatures the world over and reflect the warming or cooling of the entire planet. If five degrees separate current times from the ice age, the dangers of two or more degrees of further warming can suddenly become clearer.

Carol Baldwin, Local Journalism Initiative Reporter, Wakaw Recorder