Live: Premier Smith, along with Minister of Environment and Protected Areas

Premier Smith, along with Minister of Environment and Protected Areas Rebecca Schulz, announced updates to Alberta's TIER system. These changes are intended to attract investment, protect jobs, and maintain the competitiveness of industries.

The implementation of the industrial carbon pricing and emissions trading system in Alberta has been a significant step towards reducing emissions while promoting economic growth. As the first jurisdiction in North America to introduce such a system, Alberta has demonstrated its commitment to environmental stewardship and economic development. The Technology Innovation and Emissions Reduction (TIER) system has been instrumental in driving innovation and investment in clean technologies, with a focus on reducing greenhouse gas emissions and promoting sustainable development.

The TIER system has undergone significant updates to ensure its continued effectiveness in addressing the challenges of climate change. The introduction of a new recycling program, which allows companies to invest in emissions-reducing technologies, is a crucial step towards achieving a low-carbon economy. This initiative enables companies to reduce their emissions while also improving their competitiveness in the global market. The program is designed to provide companies with the flexibility to choose the most effective technologies for their specific needs, ensuring that emissions reductions are achieved in a cost-effective and efficient manner.

The updates to the TIER system also include provisions to support smaller facilities that may face disproportionate compliance costs. By allowing these facilities to opt out of the system, the government is recognizing the unique challenges faced by smaller industries and providing them with the flexibility to redirect resources towards emissions reduction investments or other operational improvements. This approach demonstrates a commitment to supporting businesses of all sizes in their efforts to reduce emissions and promote sustainable development.

The implementation of the TIER system has yielded significant results, with a reduction of 1.7% in overall emissions since 2015 and a decline of nearly 30% in oil sands emissions intensity per barrel since 2012. Furthermore, Alberta has achieved the greatest absolute reduction in emissions among all Canadian provinces and territories between 2022 and 2023, with a reduction of 2.1 million tons. These achievements demonstrate the effectiveness of the TIER system in driving emissions reductions while promoting economic growth.

In conclusion, the TIER system has been a crucial component of Alberta's climate change strategy, driving innovation and investment in clean technologies while promoting economic development. The updates to the system, including the introduction of a recycling program and provisions to support smaller facilities, demonstrate a commitment to supporting businesses of all sizes in their efforts to reduce emissions and promote sustainable development. As the world continues to grapple with the challenges of climate change, Alberta's approach serves as a model for effective climate policy that balances economic and environmental considerations.