Reducing Emissions Will Cost. Governments Need to Admit That
The Canadian government is promoting a suite of policies (a combination of regulation, taxation and subsidies) to reduce greenhouse gas emissions. But these policies will cost Canadians directly and indirectly. The Royal Bank of Canada has produced this report that estimates the cost at around $2 trillion to reach Net Zero by 2050. This means spending $60 billion/year, or 4 times the current rate, to cut emissions by 75% from current levels, which is the limit achievable with current technologies. The RBC report identifies six pathways to Net Zero: electricity, oil & gas, buildings, transportation, heavy industry and agriculture. The report includes a pair of notable sentences: "The challenge is getting people to change. A low-carbon lifestyle can be more expensive, harder, and less convenient than the status quo.”

According to this article by Charles DeLand of the C.D. Howe Institute in the National Post virtually all governments in Canada and opposition parties twist themselves in knots to avoid saying that fighting climate change will cause economic pain. Mr. DeLand describes a government-funded dashboard that allows the user to select the costs of renewables, hydrogen or capturing carbon; the price of oil; and carbon offsets to calculate various outcomes. The dashboard makes it clear that doing more on climate will reduce economic growth, and Canada's economy is currently under-performing those of OECD peers
[canada.ca]
[thoughtleadership.rbc.com]
[financialpost.com]
[canadaenergydashboard.com]