Canada’s premier has been trying for several years to promote green renewable energy alternatives in the state. As a consequence, TCF (government’s Task Force on Competitiveness, Productivity and Economic Progess) has finalized a thorough study regarding this case. McGuinty planned to pursuit the Green Energy Act, but TCF proved that it would be extremely costly.
TCF’s study was released on Tuesday and it revealed the great impact the Green Act would have upon Canada’s economy and labor force. It seems that the costs for shifting to green electricity have been underestimated, while the new jobs that would appear would not compensate for the losses. Ontario Liberals calculated the benefits of creating 50,000 new jobs in the green energy market, but the study revealed the side effects of this action: higher energy prices are very much likely to disintegrate as many jobs as produced and even more.
Furthermore, energy-intensive industries would be widely affected, industrial colossi in manufacturing and agriculture corporations as well.
Experts in UK state that the Green Energy Act will lead to higher electric bills for average consumers and companies, bringing between $247 and $631 more to the electric bill per household per year. The Liberals aimed to conduct a 10 percent deduction for the hydro bills, but these reductions would be ineffective, as costs would meet an increase of 6.7 percent to 8.0 percent yearly.
Liberals’ good intentions to become “green” and contribute to planet’s health are cut down by the potential economic changes and analysts believe that the economic climate in Canada would be jeopardized.