Alberta announced on wednesday that large carbon emitters will be charged upwards of $1.2 billion every year in levies.
The government says that they will use a phase in process and will provide significant funding to make it easier on industry to adapt to the new changes. After all the credit handed out the government will actually only see $800 million of the $1.2 billion.
The oil and gas industry is hoping the $1.4 billion invested in a diversified low carbon economy yesterday will help with being able to fall under the new limit for emissions.
The new carbon emissions structure will be called the Carbon Competitiveness Incentives and will take effect on Jan. 1, 2018 and applies to facilities like oilsands operations, cement plants and fertilizer production.