Reducing greenhouse gas (GHG) emissions in line with the 2030 target would cost Quebec $38 billion, according to a document tabled Thursday by Environment Minister Bernard Drainville for consultation purposes.
The government is set to hold consultations in the National Assembly in the coming weeks to review GHG reduction targets.
Currently, the target is set at a 37.5 per cent reduction in GHG emissions in 2030 compared to 1990 levels, in accordance with international agreements, while in 2022, Quebec had only reached 19 per cent.
“A 37.5 per cent reduction in GHG emissions below 1990 levels is an ambitious goal, and achieving it by 2030 is not guaranteed, particularly given the economic and geopolitical context facing Quebec,” the document states.
“In any case, the government will continue its efforts to reduce GHG emissions with determination, between now and 2030 and beyond, in order to maintain momentum toward carbon neutrality,” the document continues.
The 60-page document estimates that the private and public costs of achieving the 2030 target would amount to $38 billion.
For example, this would include the purchase of electric heating systems by individuals, the installation of new industrial processes in factories, and the development of public transportation infrastructure.
In addition, it is estimated that achieving the target would reduce Quebec’s real GDP by $20 billion in 2030.
However, the document points out that “climate inaction” is very costly due to “extreme weather events” such as floods, heat waves, and forest fires, as well as permanent changes such as permafrost melting and sea level rise.
It should be noted that the 2015 Paris Agreement on climate change, which guides the actions of countries, aims to achieve carbon neutrality, i.e., zero emissions, by 2050.
Quebec is not a direct signatory, but declared itself bound by the text in 2016.
–This report by La Presse Canadienne was translated by CityNews
