Canada’s largest bank is throwing its support behind a national carbon price as the most promising driver of a transition to clean energy, the Globe and Mail reports.
“In our view at RBC, carbon should be priced at a level to create long-term behavioural change and to ensure polluters pay as we all move toward low-carbon targets,” Senior Vice-President John Stackhouse told a climate forum in Ottawa last week. The session focused on the possibilities for North American policy cooperation in anticipation of this week’s summit meeting of the three NAFTA heads of government.
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Stackhouse added that carbon pricing won’t be enough on its own to achieve Canada’s and the world’s emission reduction goals. “We also need smart, complementary approaches,” he noted, “including flexible regulations and public investment.”
The federal government and the premiers agreed in principle in March to put a price on carbon, but negotiations to accomplish that goal have run into headwinds. Saskatchewan and Nova Scotia oppose any carbon price, as do all three territorial premiers. Quebec and Ontario are resisting the idea out of concern that it will disrupt their plans to join the Western Climate Initiative’s carbon pollution permit market.
Nonetheless, Stackhouse urged prompt movement toward placing a price on emissions. “This is our Apollo mission, if we seize the moment,” the former Globe editor-turned-banker said. “It could be our Titanic if we don’t.”
