Canada to raise $5.2-billion for B.C. climate action plan

B.S. Minister of Natural Resources Christy Clark is taking aim at a big, new B.A.S.-funded project to combat the impacts of climate change.

The $5-billion project, which will see the construction of two new nuclear power plants in the province, is expected to be completed by the end of the year.

Clark said in a statement on Monday that the $5 billion will be invested in B., BC Hydro’s carbon capture and storage project in Burnaby, B.J. Hydro’s new $1.8-billion nuclear power plant in Port Alberni, the BC government’s $1-billion plan to build new transmission lines in the north and a new gas pipeline project in Prince George.

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Premier Christy Clark says the B.G. government is “making real progress” on climate change, as the provincial government aims to spend $5B to tackle the challenges facing the province.

The province will spend $4.5 billion on a $1B project to provide clean energy for the energy sector, while $3.4 billion will go toward the construction and operation of a new generation of nuclear power stations, a new nuclear coal mine and an additional 1,000MW of hydroelectric power.

The BC NDP says the money will be used to help the province meet its 2020 greenhouse gas reduction target, while the Banting Liberals say the money would be used for Banting’s ambitious climate change strategy.

Clark, who is taking over as B.F.O. minister in the Broughton-Stouffville riding of Vancouver-Tacoma, said the government will use the funds to make the transition to a low-carbon economy, with the goal of achieving a “sustainable energy future by 2050.”

In a blog post, Clark said that “environmental, economic and climate justice are the priorities” for the government.

She said the money was the result of “long-standing conversations and partnerships” between government and industry.

Clark also said the Banc of Canada would fund the project, but that the bank is still in the process of securing funding for the project.

Clark’s office said it was not immediately clear if the Baccalaureate would also be involved in the project and how it would be funded.

Clark told reporters Monday that while she would like to see more B.M.E. work, the province is making progress in the area of energy efficiency.

She noted that “the B.E.’s is the third largest energy efficiency industry in the world, with more than $5 trillion in installed installations,” and that the province’s new power plants will be among the most energy efficient on the planet.

She also said that the provincial plan to reduce greenhouse gas emissions by 40 per cent by 2050 “is the only plan that has been proven to be successful, and is on track to meet its emissions reduction targets.”

Clark said the province will also increase the provincewide electricity price by $1 to $1 per kilowatt hour in 2019.

Banc officials have said that a B.P.L.U.-led plan to raise electricity rates to $0.75 per kiloWatt-hour will be announced by B.B.T. officials later this year.

The B.R.I.C.-led climate action plans, also expected to come out later this month, include a $100 per tonne carbon tax, a $30 per ton of CO2 levy and an increase in the carbon intensity tax, which is set to rise from 0.10 per cent to 0.20 per cent.

“These carbon intensity taxes will apply to both coal and natural gas,” Banc President John Murphy said in an email Monday.

“A carbon intensity levy will apply only to the most polluting sources, including oil and gas.”