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With the end of the supply-and-confidence agreement and plummeting support for the Liberals, Canada's climate policy mix is becoming increasingly unstable with the future of everything from investment tax credits to carbon pricing seemingly in flux.

Given this uncertainty, some industrial emitters have stated they will refrain from making final investment decisions for major emission-reducing projects until they receive certain guarantees. Their rationale is that the potential reversal of any climate policy risks the return on investment for their proposed projects.

Experts have pointed to an obscure mechanism known as carbon contracts for difference (CCfDs) as an opportunity to allay such concerns.

Carbon contracts for difference

CCfDs are contractual agreements designed to provide price stability for projects that reduce emissions. Under CCfDs, a government entity guarantees a fixed price for the emissions reductions achieved by an industrial project based on established climate policy (for example, the existing or future carbon price).

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