The Alberta government is changing its industrial carbon tax program to let companies avoid paying provincial fees for emissions by investing in their own emissions reduction projects instead.

Premier Danielle Smith told reporters Tuesday that the move, likely to come into effect this fall, would support economic growth while ensuring companies work to lower emissions.

"We're looking at it a little like a recycling program," Smith said.

"It will incentivize companies to spend money here in Alberta on emissions reductions investments specific to their projects without burdensome regulation or government choosing winners or losers."

Smith said the province is also allowing smaller companies that don't meet the program's minimum emissions threshold to opt out of the carbon pricing system

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