climate action in british columbia climate action in british columbia

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CLIMATE ACTION IN BRITISH COLUMBIA www.livesmartbc.ca CLIMATE ACTION IN BRITISH COLUMBIA www.livesmartbc.ca Slide 2 British Columbias Legislated Targets Reducing BCs GHG emissions by at least 33% below 2007 levels by 2020 and at least 80% below by 2050 Slide 3 Acting in Every Sector Government is taking focused action Slide 4 5 Key Strategies 1. Regulation2. Fiscal measures 3. Market mechanisms 4. Support for technology 5. Behaviour change Slide 5 Reaching our Targets Energy Plan Tailpipe StandardLow Carbon Fuel Cap and tradeLandfill Gas Utilities Commission Green Communities Carbon Tax Act Through significant pieces of climate action legislation Slide 6 Revenue-Neutral Carbon Tax Returns every dollar collected back to taxpayers Rewards green choices Slide 7 New Pollution Tax on Carbon Emissions $/tonne of carbon dioxide equivalent emissions Tax cuts, funded by an innovative tax on pollution Slide 8 New Pollution Tax on Carbon Emissions Personal income tax reductions Low income climate action tax credit Corporate income tax reductions Small business corporate income tax reductions 2008/09 through 2010/11; $ millions 1,849 Carbon tax revenues Tax reductions 255 415 395 784 Every dollar raised by carbon tax is returned to taxpayers by law Slide 9 Carbon Emissions Tax Personal income taxes reduced by an average of 5% for all British Columbians of the first $70,000 of earnings by 2009, with further reductions by 2010. Lower income Climate Action Credit: $100 per adult and $30 per child per year, rising by 5% in 2009 Corporate income tax reduced to 11% from 12% expected to fall to 10% by 2011 Small business corporate income tax rate reduced from 4.5% to 3.5%, expected to fall to 2.5% by 2011 2008/09 through 2010/11; $ millions $1,849M $255M $415M $395M $784M Slide 10 CLIMATE ACTION IN BRITISH COLUMBIA www.livesmartbc.ca CLIMATE ACTION IN BRITISH COLUMBIA www.livesmartbc.ca Slide 11