In this latest insight we hear from Chris Peterson and Curtis Harnanan from the Anthesis Group on what carbon pricing could mean for your business. 

The recent announcement by the Government of Canada regarding a national price on carbon has created considerable confusion about how this will impact businesses and how they can best adapt to this impending reality.

On October 3^rd, Canadian Prime Minister, Justin Trudeau, announced a “floor price” on carbon emissions - giving Provinces and Territories the option of either implementing a cap-and-trade system or putting a direct price on carbon - with the caveat that Provinces and Territories must meet the federally-established pricing structure.

Regardless of how it is implemented, there are several tangible things businesses can do today to prepare for a price on carbon. So, what are these first steps?

The first step, if you have not already been doing so, will be to conduct a screening assessment of your business’ greenhouse gas (GHG) emissions.  Once you understand your baseline, you can then estimate what additional costs may be associated for you based on the set “floor price”.  Fortunately, there are well defined protocols, standards and tools to help you do this easily.

The next step, regardless of whether you have quantified your footprint for the first time or have for years, will be to identify, priorities and pursue reduction opportunities.  These will not only reduce your exposure to these new costs but when done well are typically linked to energy, fuel, and material savings; as well as, innovation and brand benefits. For those who have been reducing their footprint for years this new context justifies a re-evaluation of previous priorities given the additional clarity, costs and engagement opportunities.

Making sense of your baseline emissions, and developing a practical strategy to address them has just become a business imperative in Canada. The annual increase in the Carbon floor price can mean a growing set of costs or consequential risks to your business, should you delay action.  However, we have also found that companies can leverage these efforts to identify cost savings in their operations and enhance their brand with key customers that are concerned about this issue.

To explore what carbon pricing could mean for your business please contact one of our Canadian experts,  Chris Peterson or Curtis Harnanan. In the meantime, you can also take a look at a previous  Anthesis blog on Cool Pricing™ – a flexible carbon pricing framework suitable for businesses large and small. Or if you prefer a video version, please check out our colleague Craig Simmons’ presentation “Cashing in on Carbon”.

Would you like a free 30-minute consultation?

If you are interested in learning more about how a Canadian price on carbon will impact your company, please use our fill out form below and one our experts will be in touch to offer you a free 30-minute consultation. In addition, after completing the form, you will be granted access to watch our recent webinar. In this 30-minute webinar we provide an overview of carbon terminology and policy pathways; guidance on how businesses can evaluate their own risks and opportunities created by this policy; and identify strategies to reduce cost impacts and pursue business value.

[Form id="13"]