Mon Jan 30, 2023 – 11:03 pm EST
OTTAWA (LifeSiteNews) – The Bank of Canada admitted that Prime Minister Justin Trudeau’s federal “climate change” programs that have been deemed “extreme” by some provincial leaders are indeed helping to fuel inflation.
As Blacklock’s Reporter noted, researchers from the bank admitted that Trudeau’s green energy schemes such as the carbon tax that have been pushed on Canadians for the past few years do indeed “raise costs” for consumers.
According to a Bank of Canada report titled The 2021-22 Surge in Inflation, the slowest but most “persistent” trend is “associated with the ongoing transition from fossil fuels to green energy.”
“The transition requires an immense reallocation of investments which raises costs due to higher demand for new investment and lack of investment supply into fossil fuel production,” the report stated.
The report noted that the costs associated with green energy programs are “exacerbated by the long time required to build green energy infrastructure, further boosting prices for fossil fuels.”
It concludes that the shift to “relatively higher energy prices” will contribute to “challenges for monetary policy to keep inflation on target over the long term.”
The Bank of Canada report
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