Finally.
Ontario passes cap-and-trade legislation
TORONTO — Ontario has passed legislation creating a cap-and-trade system to fight climate change, which the government predicts will add $5 a month to home heating bills and 4.3 cents to the price of a litre of gasoline, or $8 a month on average.
"The costs, according to our economists, are $13 a month, and that's before we consider any of the investments," said Environment Minister Glen Murray.
"So if you're buying an electric vehicle or home heating and cooling system or new energy systems that we'll be helping subsidize, that will lower those costs."
Under cap and trade, industries are given specific pollution limits, but can sell their emission allowances to other companies if they come in below their annual limit, or buy credits if they exceed it.
The province plans to hold its first auction of pollution credits in early 2017, and expects to raise $1.9 billion a year from the plan, promising to use the money to help people and companies transition to a low carbon economy.
The Chamber of Commerce urged the Liberals to delay implementation of cap and trade for one year.
"We need to think about striking a balance between leading, driving and shaping, and not getting so far ahead of our competitors that we just get too far ahead," Chamber president Allan O'Dette said in an interview Wednesday. "If we get so far out and we lose our competitive advantage, we need to be mindful of that."
The Progressive Conservatives support the idea of putting a price on carbon to reduce greenhouse gas emissions, but say it should be revenue neutral, and claim the Liberals will use the money generated to balance the books.
http://m.thespec.com/news-story/6560272-ontario-passes-cap-and-trade-legislation
Ontario passes cap-and-trade legislation
TORONTO — Ontario has passed legislation creating a cap-and-trade system to fight climate change, which the government predicts will add $5 a month to home heating bills and 4.3 cents to the price of a litre of gasoline, or $8 a month on average.
"The costs, according to our economists, are $13 a month, and that's before we consider any of the investments," said Environment Minister Glen Murray.
"So if you're buying an electric vehicle or home heating and cooling system or new energy systems that we'll be helping subsidize, that will lower those costs."
Under cap and trade, industries are given specific pollution limits, but can sell their emission allowances to other companies if they come in below their annual limit, or buy credits if they exceed it.
The province plans to hold its first auction of pollution credits in early 2017, and expects to raise $1.9 billion a year from the plan, promising to use the money to help people and companies transition to a low carbon economy.
The Chamber of Commerce urged the Liberals to delay implementation of cap and trade for one year.
"We need to think about striking a balance between leading, driving and shaping, and not getting so far ahead of our competitors that we just get too far ahead," Chamber president Allan O'Dette said in an interview Wednesday. "If we get so far out and we lose our competitive advantage, we need to be mindful of that."
The Progressive Conservatives support the idea of putting a price on carbon to reduce greenhouse gas emissions, but say it should be revenue neutral, and claim the Liberals will use the money generated to balance the books.
http://m.thespec.com/news-story/6560272-ontario-passes-cap-and-trade-legislation
