Quebec Cabinet Passes Carbon Tax - Projected Revenue Of $200 Million - Bloomberg

[hatrack]

June 7 (Bloomberg) -- Quebec will become the first Canadian province to impose a carbon tax on energy producers, raising C$200 million ($189 million) a year for measures that will reduce greenhouse gas emissions.

The provincial cabinet approved the tax in Quebec City yesterday, according to a statement on the Natural Resources Ministry Web site. Refiners including the Calgary-based affiliate of Exxon Mobil Corp. and Royal Dutch Shell Plc's Canadian unit will start paying a tax of 0.8 cent a liter on gasoline and 0.9 cent on diesel on Oct. 1. Power producers and gas companies will also be taxed.

``Everyone is talking about the environment; everyone wants to play their part,'' Natural Resources Minister Claude Bechard told reporters in Quebec City yesterday. ``Well, the oil companies too have to play their part.''

While Canada ratified the Kyoto Protocol, the international treaty to cut greenhouse gas emissions that went into effect in 2005, it is falling short of the promised reductions. It would be unrealistic to expect Canada to meet its Kyoto targets, according to the government of Prime Minister Stephen Harper. Canadian Environment Minister John Baird has said Canada would fall into an economic recession if it tried to reach the Kyoto goal now. Canadian businesses compete with rivals in the U.S., which has not ratified the Kyoto treaty.

EDIT

http://www.bloomberg.com/apps/news?pid=20601082&sid=axeJ57wdpVsQ&refer=canada

[davidwparker]

1. wasn't Gore in favor of such? I think I recall that when he gave testimony

before Congress. It was to lessen the taxes that citizens pay and put the burden on those who pollute.

EXCELLENT idea.

[razzleberry]

2. tax on jet fuel for international flight, zero, not a penny

sadly, thep poor are the first in line for taxes