Canada and Alberta have agreed to a new industrial carbon pricing schedule to incentivize emissions reductions. The deal raises the carbon credit cost floor to 100 Canadian dollars next year, eventually reaching 130 dollars by 2036, with further annual increases thereafter. This agreement is a prerequisite for the construction of a new 1 million barrel per day crude oil pipeline to British Columbia. The project is contingent on the oil industry implementing carbon capture and storage technology to mitigate the environmental impact of expanded production.
