Carney to Unveil New Carbon Pricing Deal for Alberta Oil Producers

Canadian Prime Minister Mark Carney will visit Calgary on Friday to announce a new deal with Alberta on industrial carbon pricing. The agreement aims to strengthen Alberta's pollution pricing regime and clear the path for a one-million-barrel-per-day crude oil pipeline to British Columbia's northwest coast.

The deal includes escalating carbon price floors, ensuring Canada's heavy emitters have continued incentives to reduce their emissions footprint each year. By 2040, the effective credit cost in Alberta's industrial carbon market will increase to C$130 a metric ton.

This move has been met with mixed reactions from environmentalists and industry leaders. Environmentalists had pushed for a faster implementation date of 2030, arguing that a swifter time frame would encourage companies to make immediate efforts to reduce their emissions.