Bank of Canada concedes that Trudeau’s climate change programs are fueling inflation


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 did not go into specifics over how much Trudeau’s climate change programs have and will potentially impact Canada’s Consumer Price Index. 

The Trudeau government itself even has not disclosed how much its green agenda, which advocates for an end to cheap oil and gas products for consumers such as gasoline, diesel, and natural gas. 

However, last June, Liberal MP Ryan Turnbull said in a House of Commons debate that going to “net zero” was not going to be “easy.” 

“We are going to have to switch our lifestyles and that is going to be painful at times,” Turnbull said.  

Since becoming prime minister in 2015, Trudeau has pushed a radical “climate change” agenda that has increased costs for many products, primarily due to his imposition of a punitive and ever-increasing “carbon tax” on gas and diesel.    

The raising of fuel-related taxes has come in conjunction with the Trudeau government’s decision to join a variety of global initiatives, including the United Nations’ “2030 Agenda for Sustainable Development,” which involves phasing out or reducing the use of coal-fired power plants, nitrogen-rich fertilizers and natural gas.  

As for the Trudeau government, Natural Resources Minister Jonathan Wilkinson announced the “Just Transition” green energy plan three weeks ago. 

The so-called “Just Transition” legislation will be designed to coerce workers in the oil and gas sector to transition into “green” jobs.   

The “Just Transition” has been blasted by Alberta Premier Danielle Smith, who said last week that Trudeau’s green agenda is really about “radically restructuring” society. 

The Trudeau Liberals’ “Just Transition” plan could impact and threaten the jobs of some 2.7 million Canadians.   

At this year’s World Economic Forum meeting in Davos, Switzerland, which Trudeau’s Deputy Prime Minister and Finance Minister Chrystia Freeland attended, the Canadian government announced it will join the global “First Movers” climate coalition, a WEF-linked initiative started by U.S. President Joe Biden.  

Trudeau’s “Just Transition” comes at a time of high inflation, which seemingly will not get better anytime soon, according to officials.  

The Bank of Canada last week raised interest rates for an eighth time in a row in response to high inflation spurred by massive federal government spending. 

The head of the Bank of Canada painted a grim picture for 2023, warning Canadians the coming economic turmoil will not “feel good.” 

While the Trudeau government claims the “science” is settled on the matter of manmade climate change, many scientists feel otherwise.  

A June 2017 peer-reviewed study by two scientists and a veteran statistician confirmed that most of the recent global warming data have been “fabricated by climate scientists to make it look more frightening.”  



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