The cost of the Kyoto agreements for Canada are less than expected

Nov 29, 1999 01:00 AM

Meeting the Kyoto greenhouse gas emissions target could cost the Canadian economy around C$ 3.2 bn a year -- far below earlier estimates of C$ 17 bn -- says a new report commissioned by the federal government. But the report, compiled by representatives of natural resource industries, warns the reductions won't be achieved "without affecting each and every one of our lives."
One of the authors, Chris Peirce, a former vice-president of the Canadian Association of Petroleum Producers, said the common thread is that "significant expenditures" will be required under the Kyoto protocol, which Parliament has yet to ratify.
If Canada continues its current rate of economic growth, without implementing any climate change programmes, emissions by 2010 will overshoot the Kyoto target by 25 %. (140 mm tonnes of excess carbon dioxide) The costs of eliminating those emissions could reach C$ 23 a tonne, unless there is an international agreement allowing the purchase of unused emissions credits from less developed countries, it said.
Environmental groups criticised the report for failing to estimate the cost of inaction to reverse global warming or to calculate the expected environmental and human health benefits of lowering greenhouse gas emissions. Fossil fuel producers are merely trying to "scare people into maintaining the status quo," said Gerry Scott, climate change specialist at the Vancouver-based David Suzuki Foundation.
The report is 1 of 16 being developed by various special interest groups to help the government reach a final position on Kyoto.

Source: IINX via Iinoil
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