Business Council of British Columbia
…While there appears to be a growing consensus on the need to price carbon, there is no consensus on the most effective means of doing so – either via taxes or trading schemes – and the debate continues. British Columbia, of course, was an early adopter of a carbon tax. In 2008, the province implemented the Carbon Tax Act, which initially set the tax at $10 per tonne of carbon dioxide equivalent (CO2e) emissions, applied to 100% of emissions from fossil fuel combustion. The tax was increased by $5 per tonne annual increments until it reached $30/t of CO2e on July 1, 2012. The government then froze the tax for five years. Apart from the carbon tax, BC has implemented some 30 different initiatives related to the management of GHG emissions, including setting legislated emission reduction targets and establishing a technology fund.