OTTAWA – The federal Liberal government says its new regulations to phase out power plants fired by coal and reduce natural gas will cost more than $2.2 billion, but potentially save the country billions more in reduced health care costs.
Government documents posted online today outline the new measures aimed at reducing Canada’s dependence on the pollution-producing plants, and improving their efficiency.
Three-quarters of the $2.2-billion price tag will fall on the shoulders of Nova Scotia and New Brunswick, which aren’t expected to end their reliance on coal for power until at least 2040.
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Federal officials estimate savings of $4.9 billion related to declines in air pollution over the next 12 years.
The Canadian Electricity Association says in a statement that the new regulations add another layer of red tape for the sector, something that’s sure to affect rates across the country.
The Liberals are also launching a task force to come up with ways to help coal workers that will lose their jobs as a result of the decreasing reliance on coal-fired electricity plants.
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