TORONTO—Sarah Petrevan, senior policy advisor at Clean Energy Canada, commented today on the release of the summary report from Ontario’s first cap and trade auction:
“Today’s results are a vote of confidence in Ontario’s cap and trade system. With virtually 100 per cent of the available 2017 allowances sold, the province is on the right track with this approach.
“The success of a cap and trade system lies in how effectively it reduces carbon pollution. Ontario’s approach is projected to reduce the greatest volume of emissions with the least impact on its economy.
“Ontario can now use the proceeds of this auction to spur the province’s clean economy forward. By investing in ways to reduce carbon pollution from our homes, office buildings, factories and vehicles, Ontario can fight climate change while creating jobs and economic growth.”
- Ontario held its first cap and trade auction on March 22, 2017
- Ontario intends to link its cap and trade system with California and Quebec under the Western Climate Initiative, starting in 2018
- Under Ontario’s cap and trade regulation, auctions must be held four times each year during the 2017-2020 compliance period