Tax on carbon-emitting products to increase April 129 March 2022
FREDERICTON (GNB) – The provincial government intends to increase the tax on carbon-emitting products by $10 per tonne in keeping with federal requirements.
“We are committed to being part of the climate change solution,” said Finance and Treasury Board Minister, Ernie Steeves. “Our made-in-New Brunswick carbon tax allows us to do this while investing revenue back into the province.”
In 2020, the provincial government implemented a carbon tax plan to replace the one imposed by the federal government. It is designed to allow the government to decide how best to return the revenue from the tax back to New Brunswickers.
For 2022-23, to meet the requirements of the federal government, the province’s carbon tax will increase from $40 per tonne to $50 per tonne, effective April 1.
This means that:
- the carbon tax on gasoline is increasing by 2.21 cents per litre (from 8.84 cents per litre to 11.05 cents per litre); and,
- the carbon tax on diesel is increasing by 2.68 cents per litre (from 10.73 cents per litre to 13.41 cents per litre).
“This will generate an additional $40 million in revenue, which will be recycled back into the New Brunswick economy,” said Steeves.
A total of $47 million will be transferred into the Climate Change Fund for 2022-23.