Jobs could return to Canada, CIBC World Markets predicts
Mar 27, 2008 02:59 PM Romina Maurino THE CANADIAN PRESS
Countries such as Canada and the United States may impose a "carbon tariff" on goods from China and other developing countries in the next few years, a move that could bring manufacturing jobs back to North America, CIBC World Markets predicts.
The investment bank's report says the economies of China, India and other developing countries have expanded so much that they now surpass the established industrialized world in belching out carbon dioxide pollution blamed for climate change.
"It becomes absurdly quixotic to ban coal plants in North America while at the same time China's got 570 coal plants slated to go into production between now and 2012, 30 plants between now and the Olympics," CIBC economist Jeff Rubin said.
"We're moving in opposite directions."
With some advanced countries enacting carbon taxes, carbon trading systems and other measures to lower emissions, CIBC believes the growing pollution from developing countries will provoke penalties against their exports.
That would benefit the environment, and will also bring certain jobs back to North America, since carbon emission taxes and high oil prices would offset the benefit of cheap labour, Rubin says.
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