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The parliamentary budget officer says his updated report on the federal carbon price is largely consistent with his earlier findings, even after adjusting for a previous error.
Yves Giroux says today’s report still finds the vast majority of households get back more in rebates than they pay through the carbon price — but once broader economic effects are factored in, those gains are wiped out for most, except for some lower-income earners.
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The updated report, which looks only at the consumer carbon levy, comes after the office acknowledged it had also mistakenly included the economic impact of the big industrial carbon price in its 2022 and 2023 analyses.
That admission earlier this year sparked controversy, with the federal Liberals admonishing the PBO for not more publicly acknowledging the error first recognized in a note posted to the the office’s website.
Giroux promised to update the report, but also maintained that he expected the results to be consistent with his previous findings, based on the government’s own numbers.
The findings do not reflect the expected costs of climate change to Canada’s economy, or the economic benefits of acting to reduce emissions, such as with green technology investments.
This report by The Canadian Press was first published Oct. 10, 2024.
Jordan Omstead, The Canadian Press
