Liberals' internal combustion ban could cost up to $100 billion

'Environment Minister Steven Guilbeault’s mandate requiring that Canadians drive electric cars will cost at least $99 billion, new federal figures show,' said Blacklock's Reporter.

Liberals' internal combustion ban could cost up to $100 billion
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According to Blacklock's Reporter, "zero emission vehicles are expected to generally cost more than non-zero emission vehicles and this vehicle price increase could lead to a reduction in the quantity of vehicles purchased. The magnitude of these consumer welfare losses is difficult to estimate.”

A recent analysis completed by the Federal government, Regulatory Impact Analysis Statement, found that it was first reported Monday morning by the independent news outlet, Blacklock's. 

According to Blacklock's article on the analysis, costs were estimated at:

• $55.8 billion in “total increased electricity costs over the time frame”; 
• $24.5 billion for electric vehicles and home charging; 
• $16 billion in federal subsidies for manufacturers of batteries and electric cars; 
• $1.7 billion in rebates for electric car buyers from 2023 to 2025; 
• $680 million in federal subsidies for commercial fast charging stations; 
• $500 million in Canada Infrastructure Bank financing to build charging stations; 
• $300 million already spent on $5,000 rebates for electric car buyers. 

The $99.4 billion total does not include related expenses like “cost of retraining mechanics,” higher insurance costs for accidents involving electric vehicles that “tend to be heavier due to the weight of batteries on board” and lost profits for “gas stations with attached convenience stores,” wrote staff. 

The federal government has outlawed the sale of internal combustion consumer vehicles by 2035.

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  • By Alexandra Lavoie

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