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NEWS from The Ministry of the Environment and Climate Change- Ontario has announced the results of the province’s fourth auction of greenhouse gas emission allowances, held Nov. 29, 2017. A total of 20,898,000 current (2017) allowances were sold at a settlement price of $17.38 CAD and a total of 3,116,700 future (2020) greenhouse gas emission allowances were sold at a settlement price of $18.89 CAD. The auction generated an estimated $422,081,073 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.

Proceeds from the province’s carbon market auctions are funding programs in 2017-18 that help people and businesses across Ontario reduce pollution, including:
 $64 million to improve energy efficiency, reduce greenhouse gases and redirect savings into patient care at 98 hospitals across the province
 Up to $377 million to establish the Green Ontario Fund to help homeowners and businesses save money and fight climate change through programs and rebates
 Up to $657 million for repairs and improvements to social housing apartment buildings over five years, contingent on carbon market proceeds
 $200 million for public school energy improvements
 Up to $100 million to support municipalities in fighting climate change through projects such as renewable energy and energy efficiency improvements
 $93 million for cycling upgrades
 $25 million to establish the Low Carbon Innovation Fund to help create and commercialize new low-carbon technologies

These recent investments build upon $100 million to help homeowners make home energy upgrades, $20 million to install a network of fast-charging electric vehicle stations, $92 million for social housing upgrades, nearly $100 million to help businesses adopt low-carbon technology, and $13 million to support clean economic growth in First Nations communities, $8 million to launch a new pilot program to help fund the purchase of electric school buses, over $1 million to improve ecosystem health in urban and rural communities across the province.

The auction was administered by the Ministry of the Environment and Climate Change using services contracted by the Western Climate Initiative (WCI) Inc., with oversight from an independent market monitor to ensure the integrity of the process. The summary report of the results has been made available to the public. For the Silo, Anna Milner. Disponible en Français.

QUOTES
” The goal of Ontario’s carbon market is to reduce greenhouse gas emissions from our largest
sources of pollution. The proceeds generated are being invested into Ontario’s economy
through programs and projects that will do even more to reduce greenhouse gases, and help
people in their everyday lives.”
– Chris Ballard
Minister of the Environment and Climate Change

QUICK FACTS
 On May 18, 2016, Ontario passed landmark climate change legislation that ensures the
province is accountable for responsibly and transparently investing proceeds from the
cap and trade program.
 The Climate Change Action Plan and the cap and trade program form the backbone of
Ontario’s strategy to cut greenhouse gas pollution to 15 per cent below 1990 levels by
2020.
 On September 22, 2017, Ontario signed a cap and trade linking agreement with Quebec
and California. The linkage will become effective on January 1, 2018.
 After introducing its cap and trade program and putting a price on carbon, California’s
economy grew at a pace that exceeded the growth of the rest of the U.S. economy.
 The number of jobs in California grew by almost 3.3 per cent in the first year and a half
of the program, outstripping the national rate of job creation, which was 2.5 per cent over
the same period.
 In the United States, the Regional Greenhouse Gas Initiative (RGGI) has invested more
than $1.3 billion of auction proceeds since 2009 in programs that include energy
efficiency, clean and renewable energy, greenhouse gas abatement and direct bill
assistance.
 RGGI investments are projected to return more than $4.67 billion in lifetime energy bill
savings to more than 4.6 million participating households and 21,400 businesses.

Today, Ontario passed landmark climate change legislation that lays a foundation for the province to join the biggest carbon market in North America and ensures that the province is accountable for responsibly and transparently investing proceeds from the cap and trade program into actions that reduce greenhouse gas pollution, create jobs and help people and businesses shift to a low-carbon economy.

Under the Climate Change Mitigation and Low-Carbon Economy Act, money raised from Ontario’s cap and trade program will be deposited into a new Greenhouse Gas Reduction Account. The account will invest every dollar in green projects and initiatives that reduce emissions.

Following extensive consultation with industry and other groups, the legislation was strengthened by now requiring enhanced accountability and public reporting on the province’s upcoming Climate Change Action Plan and investment of cap and trade proceeds.

From J. Magnuson's Book on the approaching post-carbon economy. Link below. — From J. Magnuson’s Book on the approaching post-carbon economy. Link below.

Ontario will post its final cap and trade regulation upon royal assent of the legislation. The regulation covers detailed rules and obligations for businesses participating in the program. The final design was also informed by extensive consultation https://www.ontario.ca/page/cap-and-trade-consultations-summary with businesses, industry, the public, environmental organizations and Indigenous communities.

Climate change is not a distant threat – it is already costing the people of Ontario. It has damaged our environment, caused extreme weather like floods and droughts, and hurt our ability to grow food in some regions. Over the near term, climate change will increase the cost of food and insurance rates, harm wildlife and nature, and eventually make the world inhospitable for our children and grandchildren.

Fighting climate change while supporting growth, efficiency and productivity is part of the government’s economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. The four-part plan includes investing in talent and skills, including helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest investment in public infrastructure in Ontario’s history and investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses. The plan is also helping working Ontarians achieve a more secure retirement.

QUOTES

“Passing the Climate Change Mitigation and Low-Carbon Economy Act marks the start of the next chapter in Ontario’s transformation to an innovative and prosperous low-carbon economy — one that will benefit households, businesses, industry and communities across the province. This legislation is about enshrining in law our resolve and action to protect and strengthen our environment for generations to come.”

— Glen Murray, Minister of the Environment and Climate Change

QUICK FACTS

§ Ontario’s Climate Change Action Plan is the next step in Ontario’s ongoing fight against climate change and is expected to be released in spring 2016. The plan will describe actions that will help more Ontario households and businesses to adopt low- and no-carbon energy in homes, vehicles and workplaces.

§ Ontario’s $325-million Green Investment Fund http://www.ontario.ca/greeninvestment , a down payment on the province’s cap and trade program, is already strengthening the economy, creating good jobs and driving innovation while fighting climate change — a strong signal of what Ontarians can expect from proceeds of the province’s cap and trade program. These investments will help secure a healthy, clean and prosperous low-carbon future and transform the way we live, move and work while ensuring strong, sustainable communities.

§ The Greenhouse Gas Reduction Account will receive proceeds from auctioning allowances under Ontario’s cap and trade program. The first auction will be held in March 2017.

§ Ontario intends to link its cap and trade program with Quebec and California.

LEARN MORE

Ontario’s Climate Change Strategy https://www.ontario.ca/page/climate-change-strategy

Learn How Cap and Trade Works https://www.ontario.ca/page/cap-and-trade

Green Investment Fund https://www.ontario.ca/page/green-investment-fund

Supplemental- Joel Magnuson’s Book- The Approaching Great Transformation: Toward a Livable Post-Carbon Economy

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Ontario Passes Landmark Climate Change Legislation

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