Canadian Prime Minister Justin Trudeau delivered his nation’s greatest April Fool’s Joke six years ago. Ottawa implemented a federal carbon tax on April 1, 2019, as part of a nationwide effort to reduce greenhouse gas emissions by slapping a price on carbon pollution. Now, data has confirmed the program neither reduced the nation’s emissions nor helped the Canadian people. Will the rest of the world learn from Canada and put the kibosh on this climate policy?
The carbon tax rate was launched at $20 per ton of carbon dioxide and increased by $10 per ton yearly. In 2024, the federal minimum price climbed to $80 per ton. The levy applied to all fossil fuels, including coal, diesel, gasoline, and natural gas.
The governing Liberals promoted the idea by claiming that revenues would be returned to individuals and businesses through tax rebates and other programs to offset the increased costs. That said, Trudeau tried to say it was more about supporting the environment, recently declaring in an interview that fighting climate change was more important than feeding your kids.
After the multi-year experiment, did Canada follow through on the penalty’s aims? Considering that the Liberal Party candidates attempting to replace Trudeau, from former Bank of Canada Governor Mark Carney to former Finance Minister Chrystia Freeland, are pledging to abolish the boondoggle, it is safe to say that it failed.