- Alberta's government introduced legislation yesterday to implement an economy-wide carbon tax starting next year, part of a broader environmental policy package expected to phase out coal-fired plants in the province and cap emissions from oil sands production.
- The new tax targets all fossil fuel consumption, including gasoline sales and natural gas for home heating; the government says it will levy a tax of C$20/metric ton from next January, which will be increased to C$30 from Jan. 1, 2018.
- Two major oil sands producers, Cenovus Energy (CVE +2.8%) and Suncor Energy (SU +1.9%), have welcomed the move to position the oil-rich province as a leader in environmental stewardship.
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