The central bank's researchers noted in their report, titled "The 2021-22 Surge in Inflation," that Trudeau's schemes for supporting the expanded use of renewable energy, including the carbon tax, have been raising costs for consumers for the past few years.
"The slowest but perhaps the most persistent trend is associated with the ongoing transition from fossil fuels to green energy," the bank's report stated. "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." (Related: Canada's inflation rate reaches 31-year high; spike in grocery prices highest since 1981.)
The cost pressures that come from the underinvestment of fossil fuels are exacerbated by the long time required to build sufficient quantities of green energy infrastructure to fill in the supply gaps adequately provided by fossil fuel sources before the implementation of these green energy policies.
"This shift to relatively higher energy prices will also contribute to challenges for monetary policy to keep inflation on target over the long term," wrote the researchers.
The Parliamentary Budget Office, in a 2021 report, noted that green energy policies like the carbon tax represented a net cost for most Canadians, and by 2030 would translate to a loss of income equivalent to between CA$1,145 ($861) to $CA2,282 ($1,715) a year per household, depending on the province.
Trudeau's government has pledged to reduce carbon emissions by 40 to 45 percent below 2005 levels by 2030, and has committed to achieving net-zero emissions by 2050. This commitment comes despite Canada being the world's fourth-largest producer of oil.
"Achieving net zero is not going to be easy, that's for sure," said Member of Parliament Ryan Turnbull of Trudeau's Liberal Party during a debate in the House of Commons back in June 2022.
"It will require all of us at every level across every industry on behalf of families and members of the general public," he added. "We are going to have to switch our lifestyles and that is going to be painful at times. Our plan is driven by our national price on pollution."
The Royal Bank of Canada, the country's largest private bank, noted that getting to the net-zero target will cost Canadian taxpayers CA$2 trillion ($1.503 trillion) over three decades.
Ian Lee, a professor at Carleton University's Sprott School of Business, noted that it will likely cost even more than that due to the sheer prevalence of natural gas use as heating and as an industrial fuel in Canada.
Over half of Canadian homes – 54 percent – are heated with fossil fuels, mostly natural gas. Around 40 percent use electric heat, but it should be noted that fossil fuels like coal and natural gas generate 18 percent of Canada's electricity.
"We're talking about rebuilding the entire energy-based economy, from oil and gas to electric, and so it's going to be on a scale never before experienced," said Lee. "I have no doubt it will be inflationary. You do anything on that scale and it's going to be inflationary."
Learn more about the policies enacted to combat so-called climate change at ClimateAlarmism.news.
Watch this clip from "The American Journal" on InfoWars as host Harrison Smith discusses how Trudeau is implementing the World Economic Forum's climate policies despite the objections from his own cabinet.