The National Round Table on the Environment and the Economy believes now is the time to press forward on the design of the right climate policy for Canada and Canadians. [...] An independent, expert advisory body to provide regular and timely advice to government on interim targets for each compliance period; on the distribution of auction revenue to meet environmental, economic, and social objectives as required; on ongoing evaluation and assessment of the carbon pricing regime; and on any proposed adjustments to the policy and pricing framework for decision makers to [...] Chapter 5 discusses likely impacts and outcomes from implementation of the carbon pricing policy, including the potential scale of the economic and technological transformation required to achieve deep emissions reduction targets, and potential adverse effects that the carbon pricing policy will need to address; and possible ways auction revenue can be used to address these effects. [...] Key elements of this chapter include the need for an independent and transparent institution to implement the “rules of the game” in order to maintain credibility; the need for monitoring and reporting success; and the need to update expectations that carbon prices or quantity restrictions will rise or fall relative to success. [...] In Chapter 3 we discuss the essential requirements to balance these goals, followed by the detailed carbon pricing policy presented in Chapter 4 that is designed to satisfy both the above goals and address the potential adverse impacts that could flow from the implementation of the policy, discussed in Chapter 5. ACHIEVING 2050: A CARBON PRICING POLICY FOR CANADA 21 2.1 GOAL ONE: ACHIEVE THE GOVER