By Canadian Press

Cost of carbon emissions nearly five times higher than previously thought: analysis

Apr 19, 2023 | 3:01 PM

OTTAWA — Environment Minister Steven Guilbeault says a new analysis of the social cost of carbon emissions suggests the cost of greenhouse-gas emissions is nearly five times higher than was previously thought.

The analysis is done in concert with the United States Environmental Protection Agency to help determine whether the cost of implementing policies to cut emissions is higher than what those emissions would cost themselves.

Greenhouse-gas emissions such as carbon dioxide and methane accumulate in the atmosphere and contribute to global warming by trapping more heat, which in turn leads to more extreme weather events.

The social cost of carbon uses models of the impact climate change has on factors such as food production, human health or disaster repair bills, and then estimates how much every additional tonne of emissions adds to those costs.

That extra cost was estimated to be about $54 per tonne in 2020, but Guilbeault says updated models suggest the figure was actually closer to $247.

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Guilbeault says that this year, the number is even higher at $261 per tonne of emissions, and it will rise to $294 by 2030.

This report by The Canadian Press was first published April 19, 2023.

The Canadian Press