麻豆影视

Climate and Environment

    • Carbon pricing accounts for 0.15 percentage points of inflation, BoC governor says

    Share

    Canada's price on carbon only contributes 0.15 percentage points to inflation, Bank of Canada Governor Tiff Macklem reiterated on Thursday.

    Macklem first cited the figure to the Standing Committee on Finance but repeated it on Sept. 7, amid claims by the Conservatives that the federal carbon pricing plan is a significant driver behind Canada's high inflation rate.

    "The carbon tax goes up periodically and when we forecast inflation, we know what the carbon tax is going to do, so yeah, we build that into our forecast just the way we build in other fiscal decisions," Macklem said on Thursday.

    "The contribution that's making to inflation one year to the next is relatively small. If you want me to put a number on it, it's in the range of 0.15 per cent, so quite small."

    The federal carbon price rose on April 1 by $15 per tonne, to $65: the most recent in a 12-year timeline to lift the price to $170 by 2030.

    Carbon pricing is based on the idea that higher fuel costs will result in lower usage and an overall decrease in emissions. To counterbalance the impact of those higher costs, the federal government issues rebates to Canadians in the form of the climate action incentive payment.

    According to a 2022 report by Parliamentary Budget Officer Yves Giroux, raising the carbon price to $170 per tonne by 2030 will eliminate an additional 96 million tonnes of emissions 鈥 equivalent to the emissions of 21 million passenger cars 鈥 compared to the current rate of $50 per tonne.

    That amount would account for more than 40 per cent of the emissions Canada is seeking to eliminate by 2030 to hit its reduction targets.

    However, Conservative Party leader Pierre Poilievre and other members of the official opposition have repeatedly slammed the carbon price for making fuel, groceries and other goods noticeably more expensive for Canadians.

    "Carbon tax increases are increasing inflation and raising the cost of basic necessities," Tracy Gray, Kelowna鈥擫ake Country Conservative MP, said in the House of Commons on June 21.

    "After eight years, the Liberals refuse to see the light on how their inflationary carbon tax has made life unaffordable for many families while doing nothing for the environment."

    Poilievre has repeated the claim during campaign-style stops across the country, including one in a Vancouver grocery store on July 14.

    When pressed by a reporter to cite evidence that the carbon price raises the cost of living, Poilievre pointed to the Bank of Canada's data 鈥 without mentioning the 0.15 per cent figure itself.

    "We know very simply when you raise the cost of the gas and diesel that our farmers use to produce the food and that our truckers use to ship the food, you raise the price of the food itself. Somebody has to pay that price," he said. "It is magical thinking to suggest that you can raise energy prices on businesses farmers and workers without raising inflation."

    According to Jim Stanford, economist and director of the Centre for Future Work, there's no magic involved. originally published by the think tank in Canadian Dimension magazine on May 8, Stanford laid out arguments he said proved there is no significant correlation between the carbon price and rising inflation.

    Stanford pointed out that the global price of oil tripled between the beginning of 2021 and spring 2022, from US $40 to $120 per barrel 鈥 equivalent to a hypothetical increase in the carbon price to CAD $300 per tonne.

    "By that measure, the jump in the price of oil 鈥 driven by a combination of geopolitics and speculation on world oil futures markets 鈥 increased fossil fuel prices by 30 times as much as the $10 carbon price increase in the same period," he said.

    He said almost all industrial countries have experienced a surge in inflation since the onset of the pandemic, whether they have carbon pricing or not. For example, the U.S., Australia, Turkey, and other OECD countries without carbon pricing systems all experienced high inflation, while Japan and Korea 鈥 which both have carbon prices 鈥 experienced inflation rates lower than Canada's.

    He also weighed the cost for Canadians of carbon pricing against the cost of climate disasters.

    "Climate change is already having many negative impacts on the economy, including on inflation," he wrote. "The impact of climate disasters 鈥 droughts, floods, and more 鈥 on food prices has been widely acknowledged."

    And while Poilievre cited Macklem's own admission that the carbon price bumps inflation by 0.15 percentage points, he did not mention something else the central bank's governor said in the same where he shared the figure in February.

    "I think the initial run-up in inflation was mostly driven by global factors," Macklem told the committee. "There were much higher energy prices鈥 global supply chains were really gummed up, and we saw a big surge in demand globally for goods. All that drove goods price inflation up very rapidly."

    And then, there was omicron, and the last major wave of COVID-19 infections in Canada.

    "Last year at this time we were just coming out of omicron and the economy has never really looked back," he said. "Nobody could tell us how many waves of this there were going to be. Fortunately, that was the last major wave. The economy reopened. Businesses were not able to keep up with the demand and you saw domestic prices increase quite rapidly."

    - With files from The Canadian Press 

    CTVNews.ca Top Stories

    Why brain aging can vary dramatically between people

    Researchers are uncovering deeper insights into how the human brain ages and what factors may be tied to healthier cognitive aging, including exercising, avoiding tobacco, speaking a second language or even playing a musical instrument.

    The union representing some 1,200 dockworkers at the Port of Montreal has overwhelmingly rejected a deal with their employers association.

    A man who was critically injured in a police-involved shooting in Hamilton late Sunday afternoon has died in hospital, says the province鈥檚 police watchdog.

    Canada

    World

    Politics

    • Murray Sinclair鈥檚 family members say the late justice and senator has been laid to rest according to his wishes.

    • Prime Minister Justin Trudeau announced voters in Cloverdale鈥擫angley City will pick their next member of Parliament on Dec. 16.

    Health

    Sci-Tech

    Entertainment

    Business

    Lifestyle

    Sports

    Autos

    Local Spotlight

    For the second year in a row, the 鈥楪ift-a-Family鈥 campaign is hoping to make the holidays happier for children and families in need throughout Barrie.

    Some of the most prolific photographers behind CTV Skywatch Pics of the Day use the medium for fun, therapy, and connection.

    A young family from Codroy Valley, N.L., is happy to be on land and resting with their newborn daughter, Miley, after an overwhelming, yet exciting experience at sea.

    As Connor Nijsse prepared to remove some old drywall during his garage renovation, he feared the worst.

    A group of women in Chester, N.S., has been busy on the weekends making quilts 鈥 not for themselves, but for those in need.

    A Vancouver artist whose streetside singing led to a chance encounter with one of the world's biggest musicians is encouraging aspiring performers to try their hand at busking.

    Ten-thousand hand-knit poppies were taken from the Sanctuary Arts Centre and displayed on the fence surrounding the Dartmouth Cenotaph on Monday.

    A Vancouver man is saying goodbye to his nine-to-five and embarking on a road trip from the Canadian Arctic to Antarctica.

    • Weather watchers were treated to an exceptionally rare display on Friday evening as rare cloud formations filled Vancouver skies.

    • For some shoppers it was Nov. 1, but for others the first hints of Christmas - saccharine treats, festive-fragranced candles and gaudily wrapped gift sets - were being noticed in stores long before the final Halloween decor had been cleared.

    • Thousands of people are expected to gather in downtown Vancouver on Monday to observe the city鈥檚 100th Remembrance Day ceremony.

    • Toronto is expected to see an economic boost to the tune of nearly $300 million thanks to Taylor Swift鈥檚 upcoming Eras Tour, which will be making a stop in Canada鈥檚 largest city for a six-show run later this month.

    • One man was transported to hospital early Monday morning after a stabbing in the northwest end of the city, Toronto police say.

    • A pair of 105-mm howitzers bark constantly as they turn plywood tank targets into kindling kilometres away on the windswept landscape of one of Canada's largest military bases.

    • Two semis were among the vehicles involved in a multi-vehicle crash that brought westbound traffic along Stoney Trail Northwest to a standstill on Sunday.

    • NEW THIS MORNING

      NEW THIS MORNING

      An Ottawa boy with a rare disease will be getting the chance to see Taylor Swift in concert after the winner and organizers of an auction held on his behalf gifted the tickets to him.

    • CTVNewsOttawa.ca looks at Remembrance Day ceremonies in Ottawa.

    • After months of controversy surrounding a dog park in Ottawa's west end, a solution has been reached to divide the park in half.

    • The employers association at the Port of Montreal locked out nearly 1,200 longshore workers, bringing a halt to traffic at the port.

    • An elementary school in Greenfield Park on Montreal鈥檚 South Shore is closed after it was the target of an alleged arson attack.

    • Though most businesses are expected to be open on Remembrance Day, there are some establishments that will be closed to commemorate the holiday.

    • Monday is Remembrance Day, a time to honour armed forces members who have died in the line of duty.

    • Boasting 2,300 square metres of skating space at its new location, Edmonton's Rollers Roller Rink believes it is the largest in Canada.

    • A Cape Breton senior recalls her life in German-occupied France, and her mother鈥檚 death, during the Second World War.

    • It's been a trip to cherish for a group of Canadians visiting Belgium this week to honour the legacy of Indigenous soldiers.

    • A pillar in Canada鈥檚 history was honoured in Winnipeg Sunday afternoon, with thousands showing up to pay tribute to the life and legacy of the late Murray Sinclair.

    • Winnipeg police have identified two men involved in a stabbing incident earlier this week.

    • There will be two ceremonies taking place in Regina for Remembrance Day, hosted by the Royal Canadian Legion.

    • Regina author Valerie Crowther is celebrating the release of her book 鈥榃ar Letters: Linking Lives in the Second World War.鈥

    • It was a somber day at Mosaic Stadium as members of the Saskatchewan Roughriders officially cleaned out their stalls and closed the book on the 2024 season.

    • A man has been charged after a stabbing at an apartment building in Kitchener.

    • The Guelph Police Service is putting out a warning after two deaths in the downtown area.

    • Two new tributes to Canada鈥檚 veterans have been unveiled at the Elmira Cenotaph.

    • Saskatchewan RCMP are searching for a suspect after a man was seriously injured in a farm-related incident in Montreal Lake.

    • It was a somber day at Mosaic Stadium as members of the Saskatchewan Roughriders officially cleaned out their stalls and closed the book on the 2024 season.

    • The Regina Rams claimed the Hardy Cup after a hard fought battle against the Saskatoon Huskies 19-14 on Saturday in the first all Saskatchewan U-Sports western conference final since 2002.

    • Emergency crews responded to the scene on Road 68/Highway 2 east of Thamesford around 7 p.m.

    • On Friday, the Sarnia Police Service (SPS) received a report of an alleged abduction in the area of Kathleen Avenue and Walnut Avenue.

    • 11 AM:WATCH LIVE

      11 AM:WATCH LIVE

      The events will start at 10:15 a.m. with a parade that forms up in front of the Delta London Armories, marches east on Dundas Street and turns north onto Waterloo Street to Dufferin Avenue, the west to the Cenotaph.

    • A group of former NHL players faced off against York Regional Police officers in Newmarket Sunday afternoon to raise funds for Special Olympics programs across the province.

    • A driver is facing multiple charges after a multi-vehicle collision on Highway 400 early Sunday morning.

    • The agreed statement of facts was read to the court on Friday in the case of Alex Williams, the 24-year-old jail guard charged last fall with smuggling cannabis and tobacco into Central North Correctional Centre in Penetanguishene.

    • 11 AM:WATCH LIVE

      11 AM:WATCH LIVE

      Representatives of the Windsor Veterans Memorial Services Committee, military representatives, wreath bearers, government officials, and members of the public will attend the Cenotaph at City Hall Square for the outdoor service.

    • One person has been arrested after Chatham-Kent Police Service (CKPS) received multiple complaints about an alleged drunk driver.

    • More details have been released about a police investigation at the Ambassador Bridge that connects Windsor, Ont. and Detroit, MI.

    • Environment Canada says heavy rain and winds could cause power outages on Vancouver Island as an "intense" storm system is set to hit the B.C. coast Sunday.

    • Six deer were struck by vehicles in six different locations in a six-hour period on B.C. highways on Saturday, according to the transportation ministry.

    • The union for locked-out port workers in British Columbia says the BC Maritime Employers Association cut off talks in less than an hour Saturday, refusing to budge on a final offer that the union has so far rejected.

    • The emergency department at South Okanagan General Hospital in Oliver, B.C., will be closed for 31 hours this weekend, the second such closure in a week and the third since the start of November.

    • Police in Kamloops, B.C., are reminding parents and guardians to check their children's Halloween candy after receiving a report of a mother finding a razor blade in one of her daughter's treats.

    • More than two years after Alannah Brown and Douglas Barker were found dead north of Penticton, police are asking for help identifying a vehicle they believe was associated with the crime.

    • The Southern Alberta Recreation Association is officially announcing the Town of Taber as next year鈥檚 host for the Southern Alberta Summer Games.

    • The Lethbridge Hurricanes broke open a close game with three goals in the first two minutes of the third period as they defeated the Warriors 7-3 in a game played Friday night in Moose Jaw.

    • There might not a lot snow just yet, but many southern Albertans are still itching to get outdoors.

    • Police have arrested a 15-year-old in connection with a break-in and $50,000 in damage done to the Centennial Arena in Elliot Lake in September.

    • Mayors of the five largest cities in northern Ontario met in North Bay the last two days to discuss a range of critical issues impacting their cities and the region.

    • Residents in the Sault expressed concerns ranging from vandalism to privacy invasions during recent consultations on the city's plan to install automated speed enforcement cameras.

    N.L.

    Shopping Trends

    The Shopping Trends team is independent of the journalists at 麻豆影视. We may earn a commission when you use our links to shop.聽Read about us.

    Stay Connected
    Follow 麻豆影视