NEW RULES TO COST LARGE EMITTERS UP TO $1.2B A YEAR

are expected to pay upwards of $ 1.2 billion a year in levies by 2020 under updated regulations announced Wednesday. The government says its plan includes a phase-in period and funding assistance to make it easier for industry to adapt, while offsets and credits mean government will take in closer to $ 800 million. The Carbon Competitiveness Incentives comes into place Jan. 1, 2018 and applies to facilities like oilsands operations, cement plants and fertilizer production that produce more than 100,000 tonnes of carbon dioxide a year. Industry will pay 50 per cent of the costs next year, 75 per cent for 2019, before the full regulations take force by 2020. It’s intended to incentivize industries to reduce emissions.