Glen R. Murray Minister of the Environment and Climate Change has said that “Our government’s plan to reduce carbon emissions is the right solution for Ontario to fight climate change. This plan sets a hard cap on greenhouse gas emissions while giving flexibility to businesses and industry in terms of how they meet their caps. Through this system, we will meet our emissions reduction targets at the lowest cost to the people of Ontario.”
Ontario announced the results of the province’s auction of greenhouse gas emissions allowances, held March 22, 2017.
A total of 25,296,367 current (2017) allowances were sold at a settlement price of $18.08 and a total of 812,000 future (2020) greenhouse gas emissions allowances were sold at a settlement price of $18.07. The auction generated $472,031,155 in proceeds, which by law will be invested in programs that will reduce greenhouse gas pollution and help families and businesses reduce their own emissions through the Climate Change Action Plan. Ontario has already 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
- 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.