From the Kyoto Implementation Act of 2007:
The Government's analysis, broadly endorsed by some of Canada's leading economists, indicates that Canadian Gross Domestic Product (GDP) would decline by more than 6.5% relative to current projections in 2008 as a result of strict adherence to the Kyoto Protocol's emission reduction target for Canada. This would imply a deep recession in 2008, with a one-year net loss of national economic activity in the range of $51 billion relative to 2007 levels. By way of comparison, the most severe recession in the post-World War II period for Canada, as measured by the fall in real GDP, was in 1981-1982. Real GDP fell 4.9% between the second quarter of 1981 and the fourth quarter of 1982.
All provinces and sectors would experience significant declines in economic activity under this scenario, while employment levels would fall by about 1.7% (or 276,000 jobs) between 2007 and 2009. In addition, there would be a reduction of real per capita personal disposable income levels from forecast levels of around 2.5% in 2009 (or about $1,000 per Canadian in today's dollars).
Meeting Canada's Kyoto Protocol target on the timeline proposed in the Kyoto Protocol Implementation Act would also have implications for energy prices faced by Canadian consumers. Natural gas prices could potentially more than double in the early years of the 2008-2012 period, while electricity prices could rise by about 50% on average after 2010. Prices for transportation fuels would also inevitably rise by a large margin -- roughly 60%.
According to the Swiss bank UBS, the European Union’s carbon trading scheme has cost European consumers $285-billion, while having “almost zero impact” on carbon emissions. The scheme did, however, create a windfall for market participants. In other words, doing something can be a whole lot worse than doing nothing.
Responsible
ReplyDelete10:37 PM on December 14, 2011
What a joke. Per capita emission calculations allow net emissions to continue to rise, reward overpopulation and provides no incentive to curb it. They also support dictators and encourage them to keep their population living in the mud so they can sell carbon credits to pay for palaces, guns and other goodies that allow them to continue to repress their people.
Canada occupies 6.7% of the planet and emits 1.8% of global emissions.
China occupies 6.5% of the planet and emits 23% of global emissions.
The rest of the world with their overpopulation can take thier per capita calculations and shove them where the sun don't shine (aka Beijing).