RBC, Canada’s biggest bank, is publicly supporting the policy lever of carbon pricing as a means of controlling greenhouse gas emissions.
From the Globe and Mail (“Royal Bank of Canada backs adoption of carbon price“):
“In our view at RBC, carbon should be priced at a level to create long-term behavioural change and to ensure polluters pay, as we all move toward low-carbon targets,” John Stackhouse, a senior vice-president at the bank, told a climate conference in Ottawa on Wednesday.
But carbon levies alone will not be enough to drive the economic transformation that is needed to keep pace in a carbon-constrained world, he said. “We also need smart and targeted complementary approaches, including flexible regulations and public investment.”
Mr. Stackhouse said Canadian companies and governments need to fully engage in the clean-energy transition, which represents a more massive global economic project than even post-Second World War reconstruction.
“This is our Apollo mission, if we seize the moment. It could be our Titanic if we don’t,” he said. …
Mr. Stackhouse rejected the view espoused by many environmentalists that Canada’s climate commitments are incompatible with the ongoing development of oil and natural gas assets. He added, however, that the resources should be produced with as low an environmental footprint as possible and that some portion of the revenues should be reinvested to accelerate the transition to a clean-energy economy.
More broadly, there is “an urgent need” for innovation in how Canadians produce and consume energy, both to ensure the economy’s long-term competitiveness and to take advantage of the vast global opportunities that emerge in the transition, he said.
The story noted that Canada is likely to miss its 2020 GHG reduction target of 17 per cent below 2005 levels, and that much more effort will be needed to hit the 2030 target of 30 per cent below 2005 levels.