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Ottawa Rethinks Low Carbon Leadership Fund Plans (Funding)
Ontario Cap-and-Trade
Date: 2018-11-14
In Ottawa, Canada, the Liberal government of Prime Minister Justin Trudeau reports it plans to reinvest money allocated to Ontario as part of its Low Carbon Economy Fund in initiatives that improve energy efficiency, reduce emissions, save money and create jobs across Ontario. Trudeau's move comes as a counter to the newly elected populist conservative government of Premier Doug Ford nixed his Liberal predecessor's cap-and-trade program. Details are expected at a future date.

According to Ottawa, the Low Carbon Leadership Fund has made $1.4 billion of investment for climate action available to support provinces and territories, with a priority on energy efficiency which is expected to create 118,000 jobs by 2030, boost the GDP by $356 billion over the next 12 years and save Canadian households an average of $114 a year.

As previously reported, Canada's largest province has a lot to lose from Premier Ford's cap-and-trade cancellation. According to the Ontario Financial Accountability Office, Premier Ford's scrapping of the cap-and-trade program will cost the province $3 billion in lost revenue over the next four fiscal years. The watch dog agency added that the loss of revenue from the cap-and-trade cancellation will be greater than the savings the government will achieve by cancelling spending associated with the program. The Conservative Ford government revised the deficit to $15 billion last month, up from a predicted $11.7 billion. (Source: Gov. of Canada, Canadian Biomass, Various Media, Nov., 2018) Contact: Ontario Financial Accountability Office, Peter Weltman, (416) 644-0702, info@fao-on.org, www.fao-on.org; Office of Ontario Premier Doug Ford, www.ontario.ca/page/premier

More Low-Carbon Energy News Ontario Cap-and-Trade,  Doug Ford,  Cap-and-Trade,  


Ontario Premier Passes Promised Cap-and-Trade Cancellation Legislation (Reg & Leg)
Ontario Cap-and-Trade
Date: 2018-11-02
At Queens Park, the conservative Ontario government of freshman premier Doug Ford reports yesterday's promised passage of Bill-4, formally cancelling the province's cap-and-trade program. The government claims the move will save the average family $260 per year, and reduce costs for Ontario businesses.

With the passage of Bill 4, The Cap and Trade Cancellation Act, the government renewed its pledge to challenge an imposed federal carbon tax and replace it with a "made-in-Ontario" environment plan at an unspecified future date. (Source: Province of Ontario, Various Media, Canadian Biomass 1 Nov., 2018)Contact: Office of Ontario Premier Doug Ford, www.ontario.ca/page/premier

More Low-Carbon Energy News Ontario Cap-and-Trade,  


Ontario Cap-and-Trade Cancellation Will Cost $3Bn (Ind. Report)
Ontario Carbon Tax
Date: 2018-10-17
In Canada's largest province by population (13.6 million) the Ontario Financial Accountability Office is reporting that the loss of revenue caused by the freshman Conservative government of Premier Doug Ford's scrapping of the Province's cap-and-trade program will cost the province $3 billion in lost revenue over the next four fiscal years.

According to the watch dog agency, the loss of revenue from the cap-and-trade cancellation will be greater than the savings the government will achieve by cancelling spending associated with the program. The Conservative Ford government revised the deficit to $15 billion last month, up from a predicted $11.7 billion. (Source: Ontario Financial Accountability Office, CBC News, 16 Oct., 2018) Contact: Ontario Financial Accountability Office, Peter Weltman, (416) 644-0702, info@fao-on.org, www.fao-on.org

More Low-Carbon Energy News Ontario Cap-and-Trade,  Carbon Tax,  


Ford Under Fire for Proposed Cap-and-Trade Repeal (Ind. Report)
Ontario Cap-and-Trade, Greenpeace Canada
Date: 2018-09-14
Environmental advocate Greenpeace Canada reports ait has taken legal action against the Province of Ontario. Greenpeace alleges that Doug Ford, the province's newly elected, populist freshman conservative Premier, and his government failed to hold public hearings on his proposed legislation to kill the province's cap-and-trade program as instituted by the previous liberal government. Since its creation 1n 2017, the system has contributed nearly $2.5 billion to Ontario's coffers.

Under Ontario's unique “Environmental Bill of Rights legislation", Ontario residents have the right to be consulted on significant environmental regulations and legislation. The Greenpeace suit claims the Ford government ignored the Environmental Bill of Rights when it proposed, then announced it would cancel the province's cap-and-trade program.

The Ford administration's Cap-and-Trade Cancellation Act -- Bill 4 -- was introduced in late July. The bill, which has yet to pass the legislature, gives the new Ford administration sweeping power to set its own targets and create its own climate action plan without debate in the legislature nor to be enshrined in law. Along with killing the province's cap-and-trade program, Ford also promised to lower the price of beer to $1 per can. (Source: CP, Various Media, 13 Sept., 2018) Contact: Greenpeace Canada, www.greenpeace.org/canada/en

More Low-Carbon Energy News Greenpeace,  Ontario Cap-and-Trade,  Doug Ford,  


Ford Kills Ontario Cap-and-Trade Funded Energy Efficiency Programs (Ind. Report)
Ontario Cap-and-Trade
Date: 2018-07-05
Following up on our June 22nd coverage, the Canadian Press is reporting newly elected populist Ontario Premier Doug Ford (Progressive Conservative) has revoked the province's carbon pricing cap-and-trade program that was instigated by the former Liberal government of Catherine Wynne. With the goose that layed the golden eggs dead,Ford's administration will begin winding down all green programs funded through the province's cap-and-trade system this week.

In his most recent announcement, Ford noted the province will nonetheless honour existing contracts, orders and projects -- such as energy efficient insulation and window retrofits -- funded by cap-and-trade. Some existing Ontario energy efficiency rebates were being phased out before Ford officially took office last week. The premier says the government will decide on a case-by-case basis whether some initiatives previously funded by the cap-and-trade program will be paid for using tax base revenue.

As previously reported, Ford claimed eliminating the provincial cap-and-trade system will help him deliver on campaign promises Ontario the electorate doesn't realistically expect him to keep -- cutting retail gasoline prices by roughly 4 cents per litre -- which is apparently more important than the roughly $3 billion the carbon tax contributed to the provincial coffers since the system was introduced by the then Liberal government in 2017. And, in a move that rings of Trump political posturing, the new Premier also reportedly promised to lower the price of beer to $1.00 per can in an effort to appeal to his base. (Source: Office of Ontario Premier Doug Ford, Various Media, Canada Press, 3 July, 2018) Contact: Office of Ontario Premier Doug Ford, www.ontario.ca/page/premier

More Low-Carbon Energy News Ontario Cap-and-Trade,  Doug Ford,  Energy Efficiency Program,  


Ontario Renewables, Green Renovation Rebates Chopped (Ind. Report)
Energy Efficiency
Date: 2018-06-22
Hard on the heels of the election of Ontario's new Conservative Premier Doug Ford's announcement to scrap the province's 2017 vintage carbon tax -- cap-and-trade program, a post on the GreenOn.ca website announced the closing of several renewable energy and residential and commercial energy efficiency rebate programs. Existing rebate program commitments will be honoured.

The rebate program was funded through proceeds from the province's cap-and-trade program through a provincial agency called the Green Ontario Fund. Ontario has earned approximately $3 billion in a series of cap-and-trade auctions since the system was introduced by the Liberals last year. (Source: Green Ontario Fund, Bell Media, 20 June, 2018) Contact: Green Ontario Fund, www.GreenOn.ca

More Low-Carbon Energy News Renewable Energy,  Ontario Cap-and-Trade,  Doug Ford,  Energy Efficiency,  Energy Efficiency Rebate,  


Freshman Premier Scraping Ontario Cap-and-Trade to Lower Gasoline, Beer Prices (Ind.Report)
Carbon Tax
Date: 2018-06-15
At Queens Park, Ontario's freshman Conservative premier Doug Ford reports he will give notice of the province's withdrawal from the linked carbon pricing market with Quebec and California and issue clear rules for an "orderly wind down" of the system. The newly elected premier will also instruct his equally wet-behind the ears attorney general to challenge the Liberal federal government of Prime Minister Justin Trudeau rules requiring provinces to establish a carbon tax or have a tax imposed on them by the feds.

According to Ford, eliminating the cap-and-trade system will help him deliver on a campaign promise that the electorate doesn't expect him to keep -- cutting retail gasoline prices by roughly 4 cents per litre -- which is apparently more important to him than the roughly $3 billion the carbon tax contributed to the provincial coffers since the system was introduced by the then Liberal government in 2017. And, in a move that rings of Trump political posturing, the new Premier also reportedly promised to lower the price of beer to $1.00 per can in an effort to appeal to his base. (Source: Various Media, Canada Press, 15 June, 2018)

More Low-Carbon Energy News Ontario Carbon Tax,  Ontario Cap-and-Trade,  


Ontario Greens Support Cap-and-Trade, Carbon Tax (Ind. Report)
Ontario Carbon Tax
Date: 2018-06-01
Speaking in Ontario, Casey Laonde, the Canada Green Party candidate in the riding of Timiskaming-Cochrane said her party supports a cap-and-trade system where money collected under the system is re-distributed to taxpayers much in the same way that people now get a GST refund cheque.

In the upcoming June 7 Ontario provincial election, the Progressive Conservative candidate, Doug Ford, is calling for the abolition of the sitting Liberal government of Premier Kathleen Wynne's carbon cap-and-trade program which, according to the Ontario Ministry of the Environment, generated an estimated $471 million for the province in the first joint Ontario, Quebec, California cap-and-trade program auction held February 21, 2018. The funds will be invested in programs that will reduce greenhouse gas pollution and help families and businesses reduce their own emissions through the province's Climate Change Action Plan. (Source: Green Party of Canada, MyWestNippisingNow, 31 May, 2018) Contact: Green Party of Canada, www.greenparty.ca

More Low-Carbon Energy News Ontario Cap-and-Trade,  Carbon Tax,  


Gore Touts Ontario's "Superior" Cap-and-Trade System (Ind. Report)
Ontario Carbon Tax
Date: 2018-03-12
In his recent Toronto meetings with Liberal Ontario Premier Kathleen Wynne, former U.S. democratic presidential hopeful, VP and climate change fight pioneer Al Gore praised the province's recently mandated cap-and-trade system as "superior" to a carbon tax in fighting climate change. According to Gore, cap-and-trade lets government work directly with emitters to cut carbon emissions over time.

Ontario's 2017 vintage cap-and-trade system is aimed at lowering greenhouse gas emissions by putting caps on the amount of pollution companies in certain industries can emit. To date, the system has contributed nearly $2.5 billion to Ontario's coffers. (Source: Various Media, Canadaian Press, 8 Mar., 2018) Contact: Ontario Premier Kathleen Wynne, Ontario Ministry of the Environment and Climate Change, (416) 235-5743, www.ontario.ca/page/ministry-environment-and-climate-change

More Low-Carbon Energy News Ontario Cap-and-Trade,  Ontario Carbon Tax,  Cap-and-Trade,  


Cap-and-Trade Auction Results Released (Ind. Report)
Ontario
Date: 2018-03-02
The Ontario Ministry of the Environment reports the first joint Ontario, Quebec, California cap-and-trade program auction held February 21, 2018, sold 98,215,920 current (2016 and 2018 vintage) greenhouse gas emission allowances at $18.44(Cdn) and 8,576,000 future (2021 vintage) allowances at $18.34(Cdn). The auction generated an estimated $471 million to the Province of Ontario which will be invested in programs that will reduce greenhouse gas pollution and help families and businesses reduce their own emissions through the province's Climate Change Action Plan.

The auction was administered by the Ontario Ministry of the Environment and Climate Change, the Quebec Ministere du Developpement durable de l'Environnement et de la Lutte contre les changements climatiques and the California Air Resources Board, using services contracted by the Western Climate Initiative (WCI) Inc., with oversight from an independent market monitor to ensure the integrity of the process.

Download a summary report of the results HERE. (Source: Ontario Minister of the Environment and Climate Change, PR, 28 Feb., 2018) Contact: Ministry of the Environment and Climate Change, Hon. Chris Ballard, Minister, Anna Milner, (416) 314-6736, Anna.Milner@ontario.ca; WEstern Climate Initiative, www.westernclimateinitiative.org

More Low-Carbon Energy News Ontario Cap-and-Trade,  Carbon Market,  Climate Change,  Carbon Emissions,  


Univ. of Toronto Awarded $26Mn Green Project Funding (Funding)
University of Toronto
Date: 2018-02-21
In Ontario, Canada's largest university, the University of Toronto reports plans to leverage $26.7 million in new provincial innovation funding to launch "green" projects across its three campuses as part of a program to reduce current and future greenhouse gas emissions. The new funding will be combined with $15.3 million previously earmarked for energy efficiency initiatives. The university aims to cut carbon emissions by nearly 12,000 tonnes by the year 2021.

The money, which includes access to $44 million in interest free loans, comes from the proceeds of the province's cap-and-trade program, an integral part of Ontario's climate change action plan that calls for cutting greenhouse gas emissions by 80 pct by 2050. To date, the university's downtown Toronto campus has reduced reduce its carbon footprint by 50,000 tonnes over the past decade despite while adding 25 new buildings and increasing the student population by 50 pct. (Source: University of Toronto Newqs, 13 Feb., 2018) Contact: University of Toronto, www.utoronto.ca

More Low-Carbon Energy News Carbon Footprint,  GHGs,  Ontario Cap-and-Trade,  


Ontario Earmarks $200Mn for School Energy Efficiency (Ind. Report)
Ontario Cap-and-Trade
Date: 2018-01-15
More than 600 schools in the Canadian Province of Ontario are expected to share $200 million in proceeds from the provincial cap-and-trade program. The funds are earmarked for school energy efficiency upgrades and renewable energy installation province wide. energy efficient.

The cap-and-trade cash is part of the $1.4 billion schools received this fiscal year fora backlog of repairs and other work estimated at $15 billion. (Star: Ontario Ministry of Education, Star, 12 Jan., 2018) Contact: Ontario Education Minister Mitzie Hunter, mitziehunter.onmpp.ca

More Low-Carbon Energy News Ontario Cap-and-Trade,  Energy Efficiency,  


Ontario Set for Last Independent Cap-and-Trade Auction (Ind. Report)
Cap-and-Trade
Date: 2017-12-01
Ontario has completed its final cap-and-trade auction before entering a joint market with Quebec and California in 2018. Since launching the provincial cap-and-trade earlier this year, the province completed three sell-out auctions and realized almost $1.5 billion for green projects.

As of Jan. 1, Ontario will join Quebec and California's carbon market, which has also seen three sold out auctions in a row for current credits. (Source: Western Star, Various Media, Canadian Pres, 29 Nov., 2017)

More Low-Carbon Energy News Ontario Carbon Market,  Ontario Cap-and-Trade,  Cap-and-Trade,  Carbon Market,  


BlueSource, Haliburton Forest Tout GHG Partnership (Ind Report)
Bluesource Canada
Date: 2017-09-18
In Ontario, the 100,000-acre Haliburton Forest and Wildlife Reserve reports it has partnered with GHG carbon offsets developer Bluesource Canada to leverage the value generated by the Ontario carbon market to commit to long-term stewardship that maximizes CO2 emissions sequestered by the forest.

The privately-owned Haliburton Forest, which has pledged to undertake sustainable forest management practices that will generate 75,000 tpy of additional GHG reductions over the long-term, currently sequesters an estimated 8 million tpy of CO2 and will continue to sequester amounts that significantly exceed what would have occurred through common-practice forest management.

The long-term commitment to reducing GHG emissions will be made in the context of a GHG offset protocol being developed by the Ontario Government as part of the cap-and-trade program. The impending forest management protocol will create binding obligations on Haliburton Forest that provide the security that the GHG reductions will be permanent. (Source: BlueSource Canada, 15 Sept., 2017) Contact: BlueSource Canada, Jamie MacKinnon, VP of Environmental Solutions, (416) 427- 4888, info@bluesource.com, www.bluesource.com; Haliburton Forest, Malcolm Cockwell, Managing Director, www.haliburtonforest.com

More Low-Carbon Energy News Ontario Carbon Market,  Carbon Sequestration,  Ontario Cap-and-Trade,  Bluesource,  Forest Carbon,  Carbon Sequestration,  


Ontario $24Mn Cap-and-Trade Cash for Green Job Training (Ind. Report)
Ontario, Cap-and-Trade
Date: 2017-08-14
At Queen's Park in Toronto, the Ontario Government is offering $24 million in funding from the new provincial cap-and-trade program to help labour training centres develop and educate high skilled workers for low-carbon, energy efficient green building jobs. To access the one-year program, training centres must apply for part of the funding.

As previously reported, the province is expecting approximately $1.3 billion in revenue from the newly created cap-and-trade program in 2017 -- the programs first year. (Source: Ontario Minister of the Environment and Climate Change, CBC News. 10 Aug., 2017) Contact: Ontario Minister of the Environment and Climate Change, (416) 212-7307, https://www.ontario.ca/ministry-environment-and-climate-change

More Low-Carbon Energy News Ontario Cap-and-Trade,  


Ont. Cap-and-Trade Auction Sell-Out Raises $472Mn (Ind. Report)
Ontario Cap-and-Trade
Date: 2017-04-07
The province of Ontario reports that its first first auction of greenhouse gas emissions allowances, held March 22, 2017, was a sellout. 25,296,367 current (2017) allowances were sold at a settlement price of $18.08 and 812,000 future (2020) allowances were sold at $18.07 for a total of $472,031,155. The total proceeds will be invested in low-carbon programs and projects that will reduce greenhouse gas pollution and help families and businesses reduce their own emissions through the Climate Change Action Plan.

To date, the province has committed $325 million to the Green Investment Fund to kick-start climate change actions by:

  • Helping homeowners use less energy and reduce energy bills through home retrofits;
  • Supporting more electric vehicle charging stations across Ontario;
  • Retrofitting social housing developments to boost energy efficiency;
  • Helping businesses reduce emissions ;
  • Funding local environmental organizations doing important conservation work ; and
  • Providing Indigenous communities with training, tools and infrastructure to address climate change.

    The auction was administered using services contracted by the Western Climate Initiative (WCI) Inc., with oversight from an independent market monitor to ensure market integrity. (Source: Ontario Ministry of the Environment and Climate Change , 3 April, 2017) Contact: Ontario Ministry of the Environment and Climate Change, (416) 235-5743, www.ontario.ca/page/ministry-environment-and-climate-change

    More Low-Carbon Energy News Ontario Cap-and-Trade,  Ontario Carbon Tax,  


  • Ontario Landlords Prohibited from Foisting Off Cap-and-Trade Costs to Tenants (Reg & Leg)
    Ontario Cap-and-Trade
    Date: 2017-04-03
    At Queens Park in Toronto, the Ontario Ministry of Housing is proposing regulatory changes under the Residential Tenancies Act(2006) that would prohibit residential landlords from passing a building's carbon costs within natural gas bills to tenants in the form of rental increases.

    As previously reported, Ontario natural gas consumers will pay Cap-and-Trade costs as part of their "distribution" charges on natural gas bills. The Residential Tenancies Act, 2006 permits landlords to apply to the Landlord and Tenant Board for higher than usual -- above guideline -- rent increases where the landlord experiences an extraordinary increase in operating costs (such as utilities).

    Landlords will not, however, be permitted to include the impact of increased natural gas bills arising from Cap-and-Trade costs in a request for above-guideline rent increases. In effect, the landlords will be required to absorb the impacts. (Source: Aird & Berlis LLP, Aird & McBurney LP, BLOG, 27 Mar, 2017)

    More Low-Carbon Energy News Ontario Cap-and-Trade,  Carbon EmissionsOntario Carbon Tax,  


    Ontario's Carbon Credit Auction Results Expected April 3rd (Ind. Report),

    Date: 2017-03-24
    Ontario, Canada's largest province's cap-and-trade system held its first quarterly auction on Wednesday, 22nd, the proceeds of which are earmarked for investment in programs that reduce emissions and help businesses and consumers adapt to a low-carbon economy. The provincial Liberal government expects the auction -- held every three months -- to bring in $1.9 billion a year for a total of $8 billion by the end of 2020.

    Ontario plans to link its cap-and-trade system with a joint Quebec-California market which, in its most recent auction sold only 18 pct 18 per cent of allowances offered. Previous auction results ranged from a high of 88 pct to only 11 pct on the low end. Since 2014, the linked market has sold 74 per cent of its credits at auction.

    Ontario is capping emission allowances at roughly 142 megatonnes this year, declining about four per cent each year to 2020, when the Liberals hope to have achieved a 15-per-cent reduction in greenhouse gas emissions over 1990 levels. As the emissions cap declines, the government hopes companies have more incentive to invest in technologies that cut their emissions. Ontario's results will be made public on April 3. (Source: Ontario Environment Ministry, Various Media, 23 Mar., 2017)

    More Low-Carbon Energy News Ontario Cap-and-Trade,  Ontario Carbon Market,  Carbon Credit Auction,  Carbon Credits,  


    Ontario Cap-and-Trade Exemptions Questioned (Opinions, Editorials & Asides)
    Ontario Cap-and-Trade
    Date: 2017-01-09
    The Rebel in Ontario blog is taking Ontario Liberal Premier Kathleen Wynne's cap-and-trade program to task for exempting some of the province's biggest emitters, including Petro-Canada Lubricants, Imperial Oil, the Val Canada nickel refinery and both Brampton and Hanson Brick. These companies will not be required to pay the added fees for carbon emissions for the next four years.

    "We know that carbon taxes are just a big cash grab for governments, doesn't this move conflict with the Liberals' stated goals of reducing emissions? At a time when many Ontarians are suffering with drastic increases in hydro bills, Premier Wynne has had to admit that the energy poverty hitting her province is an urgent issue but instead of providing citizens with relief, she's introduced a cap-and-trade plan that will increase the costs of essentials like gas and heat which will do nothing but line the government's pockets.

    "The scam gives government a way to take more money out of the pockets of people that are already suffering yet get away with not putting a price on the big emitters who they like to demonize." (Source: The Rebel in Ontario, Holly Nichols, Jan., 2017) (Contact: Rebel in Ontario rebelinontario.blogspot.com

    More Low-Carbon Energy News Ontario Cap-and-Trade,  


    Taxpayers Federation Condemns Ontario Carbon Tax (Ind. Report)
    Canadian Taxpayers Federation
    Date: 2017-01-06
    The Canadian Taxpayers Federation (CTF) has warned that Ontario's cap-and-trade carbon pricing system, which entered into force on January 1. According to the CTF, the system will tax "our heat, our commutes, our electricity that many of us are already struggling to afford -- none of this makes sense."

    The cap, which limits how many tonnes of GHG pollution businesses and institutions can emit, will drop each year to encourage lower emissions. Companies must have enough carbon credits to cover their emissions if they exceed the cap. Companies can trade allowances to help them comply or to sell surplus credits. Facilities and natural gas distributors with over 25,000 tpy of greenhouse gas emissions are required to participate in the program. Electric power importers and fuel suppliers that sell more than 200 lpy are included.

    The Ontario Government expects the program to generate approximately $1.9 billion per year which will be invested in projects that cut GHG pollution. (Source: Canadian Taxpayers Federation, Tax News, 3 Jan., 2017)Contact: Canadian Taxpayers Federation, Christine Van Geyn, Ontario Director , (647) 343-4150, cvangeyn@taxpayer.com, www.taxpayer.com

    More Low-Carbon Energy News Canadian Taxpayers Federation,  Ontario Carbon Tax,  Ontario Cap-and-Trade ,  


    Greens, Chambers of Commerce Question Ontario Cap-and-Trade Program (Ind. Report)
    Ontario Green Party
    Date: 2017-01-04
    In Ontario, 20 Chambers of Commerce and the provincial Green Party report they have joined forces to urge the provincial government to defer or rescind it's cap-and-trade program which came into force Jan. 1. The Green Party is calling for a carbon fee and dividend approach.

    Citing the Ontario Auditor General's report that indicates cap-and-trade will cost businesses and households about $8 billion from 2017 to 2020, the Green Party coalition of chambers expressed concern over the tax's economic impact.

    The Chambers of Commerce group cited the election of Donald Trump as the next U.S. president was a reason to delay cap-and-trade. According to the group, if Canada imposes a carbon tax and Trump doesn't, Canadian industries will be hurt. (Source: Various Media, Sudbury Star, 26 Dec., 2016) Contact: Ontario Chambers of Commerce, www.occ.ca

    More Low-Carbon Energy News Ontario Cap-and-Trade,  CarbonTax,  Cap-and-Trade,  


    "Ontarians Will be Forced to Purchase Imaginary Credits" (Opinions, Editorials & Asides)
    Ontario
    Date: 2016-11-30
    "Beginning Jan 1, 2017, Ontarians will be buying 'carbon credits' -- a financial product conjured out of thin air by the government.

    "The Ontario government's cap and trade scheme will limit the emissions Ontario companies can produce, and they must purchase 'carbon credits' to pay for any emissions above their government assigned limit. These 'carbon credits' are financial products that are traded like other useful things on a government created 'carbon market.' But unlike other commodities such as pork bellies, corn or west Texas crude oil, carbon credits do not actually exist. You cannot touch them. There is no underlying tangible asset. The value of the carbon credit comes from a fictional demand that the government created by forcing businesses to buy them.

    "The closest carbon credits come to having a tangible asset is in California, where existing forests can be registered as carbon offset projects. The landowner can register an existing forest with the government, and be issued a carbon offset credit that can be sold. With this kind of offset project, nothing actually changes. Before the registration there is a forest and emissions. After the registration, there is still a forest and emissions, but now the forest owner has a cash infusion. The emitter continues to emit, but incurs a new cost, and pushes that cost down to consumers.

    "The idea behind the whole scheme is that it will lead to lower emissions and stop the march of global warming. The problem, like buying a star, is that it doesn't work. Maybe it gives you a warm fuzzy feeling, but the fact is that cap and trade will not achieve anything for the global climate. Canada contributes just 1.65 pct of global greenhouse gas emissions, with only a tiny portion of that coming from Ontario. The buying and selling of carbon credits will make no real difference. In fact, shutting down the entire Ontario economy would make no measurable difference to global climate change.

    "But despite not achieving anything for the climate, cap and trade will make things in the province more expensive. Whether it's your home heating bill, your gasoline bill, or the cost of groceries that need to be transported to your local store. Those costs will not be borne by the industries that the government is forcing to buy these products. The costs will be borne instead by Ontario families." (Source: Canadian Taxpayers Federation , 29 Nov., 2016) Contact: Canadian Taxpayers Federation, Christine Van Geyn, Ontario Director , cvangeyn@taxpayer.com

    More Low-Carbon Energy News Carbon Tax,  Ontario Cap-and-Trade,  


    Ontario Cap-and-Trade Won't Limit Emissions Through 2020, claims Environmental Watchdog (Ind. Report)
    Ontario Environment Ministry
    Date: 2016-11-28
    Following on our Nov. 23rd report, a report from the Ontario Environmental Commissioner's office at Queens Park claims that after the province's cap-and-trade system is in place and linked with Quebec and California's system it be may be cheaper for Ontario polluters to purchase California allowances then address and correct their own emissions problems. The Commissioner, Dianne Saxe, also suggests that too great a reliance on California allowances could slow Ontario's transition to a low-carbon economy.

    Ontario has not proposed a limit on the total number of California and Quebec allowances that can be used in the province nor does it limit Ontario's greenhouse gas emissions from 2017 to 2020.

    The commissioner also warns that the province will miss its 2020 emission reduction targets, as most of the impacts from its climate change action plan will happen later than that.

    She also claims the provincial action plan is "just a high-level, aspirational document with little detail" and not enough documentation to allow her office to properly evaluate its emission reduction claims. (Source: Ontario Environment Ministry, Canadian Press, 22 Nov., 2016) Contact: Environmental Commissioner of Ontario, Dianne Saxe, Commissioner, Michael Zupanic Communications & Outreach Co-ordinator (416) 325-3371, media@eco.on.ca, www.eco.on.ca

    More Low-Carbon Energy News Ontario Cap-and-Trade,  Climate Change,  Carbon Emissions,  Cap-and-Trade,  

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