CleanBC Program for Industry
The CleanBC Program for Industry directs a portion of B.C.’s carbon tax paid by industry into incentives for cleaner operations.
The program is designed for regulated large industrial operations, such as pulp and paper mills, natural gas operations, refineries, and large mines.
How It Works
In 2018, B.C.’s $30 carbon tax rate was raised to $35 per tonne, and it is set to increase by $5 every year until 2021. As the price of carbon rises, the CleanBC Program for Industry will offer incentives to further reduce emissions using revenues from the carbon tax that industry pays above $30 a tonne.
The program includes:
- an Industrial Incentive Program (Incentive) that reduces carbon-tax costs for operations based on performance against world leading emissions benchmarks, and
- a CleanBC Industry Fund (Fund) that invests some industrial carbon tax revenue directly into emission reduction projects, helping to make our traditional industries cleaner and stronger.
The Fund and Incentive work together: the Fund supports projects to reduce emissions, and industrial operations with lower emissions pay less carbon tax and receive larger incentives.
The CleanBC Program for Industry provides incentives for emitters to find innovative solutions to reduce Greenhouse Gas emissions. This will provide opportunities for a new generation of entrepreneurs who can focus their efforts on solving the problems industry has identified. This type of clarity will make it easier for B.C. companies to raise funds from investors who in turn will face less risk knowing there are willing customers.
It will also provide new opportunities and a larger market for innovative technology companies, supporting their development and demonstrating clean tech advantages to the world.