Discuss BC's Carbon Tax. 
How does it work? 
Is it doing what it was supposed to do? 
Are GHG being reduced as a result? 
What about Cap and Trade? 
Is this an effective way to manage pollutants?

The carbon tax, which applies to the purchase and use of fossil fuels, accounts for nearly 70% of the province's greenhouse gas emissions, according to the government.

Carbon price is gaining traction across the world. When it comes to carbon pricing in Canada, the federal government developed a coordinated national-level carbon pricing system that began at $20 per tone of carbon dioxide equivalent emissions (tCO2e) in 2019 and will eventually reach $50 per tone. As of 2019, about 70 countries, accounting for approximately 20% of global greenhouse gas emissions, have implemented a carbon pricing.

The carbon tax rate in British Columbia will increase from $40 to $45 per tone of carbon dioxide equivalent (tCO2e) as of April 1, 2021. On April 1, 2022, the tariff is planned to climb to $50 per tone. A previously projected rise in 2020 has been postponed in order to assist in the humanitarian effort during the COVID-19 epidemic.

Step-by-step explanation

The carbon tax in British Columbia places a price on carbon pollution, sending a signal across the economy to decrease emissions while simultaneously stimulating sustainable economic activity and investment in low-carbon innovation. Ontario imposed North America's first broad-based carbon tax in 2008, making it the first jurisdiction to do so.

 It is planned to utilize new income earned by raising the carbon price to;

Exempting consumers from carbon taxes while maintaining affordability

Preserve the competitiveness of the industry.

Encourage the development of new environmentally conscious projects.

In order to make the Climate Action Tax Credit more affordable, the government raised the credit in 2020 to $174 per adult and $51 per kid, effective July 1, 2020. Along with the one-time increase that will take effect on July 1, 2020, as part of the COVID-19 Action Plan, a one-time improvement to the climate action tax credit payment was provided, offering up to $174.50 in additional payments per adult and $51.25 in additional payments per child.

Individuals and families with low and intermediate incomes may benefit from the carbon tax credit, which is administered by the Canada Revenue Agency and is available four times a year.

For enterprises and municipal governments, the government also provides a variety of carbon tax options. An sum equivalent to the additional carbon tax paid by business over $30/tone is channeled towards incentives for greener operations via the Clean BC Program for Industry (CBPI). Regulatory major industrial activities, such as pulp and paper mills, natural gas operations and refineries, as well as huge mines, are the target of the program's design. In the thermal infrared area of the electromagnetic spectrum, a greenhouse gas (GHG) is a gas that absorbs and emits radiant radiation, resulting in the greenhouse effect.

According to a number of studies conducted up to 2015 that examined the impact of the tax, the province's carbon tax lowered fuel usage and greenhouse gas emissions by 5 to 15% when compared to what they would have been without the tax. By weighing the tax's early success against current criticisms, it becomes clear that, although BC's carbon tax has contributed to the reduction of the province's emissions, the tax's overall effectiveness has been questioned.

Climate-change mitigation via emissions trading, sometimes known as "cap and trade," is a cost-effective method of lowering greenhouse gas emissions. Governments establish caps on the maximum amount of emissions that may be produced and issue permits, or allowances, for each unit of emissions permitted under the limit in order to encourage businesses to decrease their carbon footprint. Firms that emit must seek and relinquish a permit for each unit of emissions that they produce. These enterprises may either get permission from the government or earn money by dealing with other businesses. The government may decide to give away the permits for free or to put them up for auction.

Cap and trade systems, as well as command and control legislation, both aim to reduce emissions from harmful sectors of the economy by a certain percentage. Cap-and-trade, on the other hand, offers economic incentives for private sector players to participate in mitigation, making it the most efficient approach of accomplishing an environmental goal. Cap-and-trade is already the preferred policy tool in several U.S. states, the European Union, and Australia, and it has shown to be successful in the United States Acid Rain Program, among other places.