Submission: Ontario’s Modern Renewable Fuel Standard

We commend Ontario for developing its Modern Renewable Fuel Standard, an important part of a package of policies designed to meet the province’s greenhouse gas reduction targets while growing the economy. A low carbon transportation sector will need increased deployment of both commercial and new low-carbon fuel and vehicle technologies, creating significant opportunities for new business growth. For context, global revenues for clean transportation hit $109.5 billion in 2014 and are expected to more than double to $258 billion by 2022. Policies such as the Modern Renewable Fuel Standard increase the market for clean transportation solutions and allow Ontario companies to compete for that new market share. The local market thus functions as a training ground, helping companies refine their business at home to then better compete globally.