article by Justin Giovannetti and Michael Fennoy article article Canadian Prime Minister Justin Trudeau has announced a “bold move” to curb greenhouse gas emissions by 2030, saying that Canada is committed to its international commitments to fight climate change and the need to reduce the country’s reliance on fossil fuels.
The move comes as the country prepares to host the G7 summit in the southern Canadian city of Regina on Saturday.
Trudeau announced his commitment to the G20, a summit of industrialized countries that takes place from May to September, at a news conference on Wednesday.
It is the first major step in Canada’s commitment to a low-carbon economy, he said.
“Our G20 partners must also take strong action to ensure the transition to a more sustainable and sustainable economy can begin as soon as possible,” Trudeau said.
Truman’s announcement came amid a broader international effort to combat climate change.
On Monday, the G8 group of industrialized nations, including Canada, announced their first global commitments to fighting climate change since 2010.
That commitment calls for the elimination of fossil fuels by 2030 and a phase-out of the use of coal, oil and gas.
More than half of the world’s population now lives in countries that rely heavily on fossil fuel-based energy, including in Canada.
The United Nations climate change summit in Warsaw on Thursday was the first summit to be held in Canada since a 2014 agreement on a joint United Nations and global deal to fight global warming.
Traditionally, G7 and G20 leaders have met together only a few times a year, including the 2015 summit in Toronto.
The G7 leaders’ summit will be the first of two to take place in Canada this year.
Canada is also one of just five countries with a carbon budget, which is the amount of money governments have to reduce their carbon footprint through policies.
Trudeau announced Thursday that Canada would invest $50 billion in the carbon budget by 2030.
That figure includes $10 billion for infrastructure, $15 billion for social assistance, and $5 billion for research and development, Trudeau said in his speech.
The government also announced a $50-million “climate change innovation fund” that would help provinces and municipalities fund research to address climate change issues.
Tracy Stearns, the country s environment minister, also announced Wednesday that the province of Nova Scotia will become the first in Canada to develop a greenhouse gas-reduction technology to combat CO2 emissions from power plants.
Trading off a carbon tax for a carbon dividend, Trudeau announced on Wednesday that he will propose a carbon price that will begin at $15 per tonne of CO2.
He said the federal government will use the money to finance the creation of a new climate fund to help developing countries deal with climate change in the future.
Traders and investors had been concerned about the timing of the announcement.
A carbon dividend is supposed to be announced at the end of May, but Trudeau said Thursday that it would be announced in September.
The announcement came as Canada was preparing to host a G7 climate change conference in the Southern Canadian city.
The summit will take place from Saturday to Monday in Regina, and will be hosted by the G6 nations, Germany, France, Italy, Canada, and Japan.
Tracking climate changeThe announcement of a carbon-tax dividend is a major development for climate activists, who are pushing the governments of the G-7 countries and Canada to take strong steps to tackle climate change, especially since governments in those countries have largely been unwilling to do anything to slow climate change growth.
Trinadis, the Canadian government, has been slow to adopt its Paris climate change targets, and is facing questions about whether it will meet its commitments.
The federal government has not committed to meeting its Kyoto commitments.
The climate dividend announcement came a day after Trudeau announced that Canada will cut greenhouse gas pollution by 30 per cent from 1990 levels by 2030 under a deal reached in a Montreal summit in October.
The Prime Minister has been pushing for a new carbon dividend to encourage provinces and cities to take stronger action to combat global warming, and said the plan would be in place in 2019.
Truncan said the carbon dividend would be the second carbon dividend announced in Canada, following one in 2017.
He announced an earlier one in 2007, but it was cancelled in 2011 because of concerns about the economy.
Trimmers announcement comes after the Canadian economy has been in a steady decline since the late 1990s, but he said Thursday’s announcement is not necessarily a sign of an overall slowdown.