Effective cap and trade system ‘critical’ to Ontario’s climate policy, report says
Study details how Ontario can design a system that covers most emitters and creates a stable carbon market
Toronto—When it comes to climate policy, the clock is ticking for Ontario. As the government prepares to release its climate change strategy, it’s “critical” the province gets the design of its cap and trade system right, a Clean Economy Alliance report outlining some of the key avenues for economic and environmental success, says.
“A cap-and-trade program can put Ontario on track to meet its carbon reduction goals while giving a boost to the economy,” Tim Gray, executive director of Environmental Defence at the organization representing more than 80 Ontario businesses, unions and industry associations, said. “With the international climate talks coming up this December, there is an urgent need to move forward on this.”
The organization’s report details how the government can design a cap and trade system that covers the majority of emitters, ensures the carbon market remains stable and helps businesses adjust to carbon pricing. Importantly, the CEA also outlines how the system could generate funds that would be available to invest in reducing pollution or put toward social or economic programs.
“If Ontario is going to rise to its climate challenge, it needs a well-designed cap-and-trade system that allows Ontario businesses to innovate and flourish while reducing emissions in a stable, cost-effective and predictable way,” says Deb Abbey, president of the Responsible Investment Association of Canada, said.