Ontario Implements Cap-and-Trade Program Under Climate Change Mitigation Act
Ontario has enacted the Climate Change Mitigation and Low-Carbon Economy Act, establishing a cap-and-trade program. The related Regulation 144/16 is set to take effect on July 1, 2016, with the first auction scheduled for March 2017. Key changes include increased accountability and public reporting on funds generated, which will support greenhouse gas reduction initiatives. Additionally, an agreement with Alberta aims to advance clean technology projects. The legislation aligns with carbon market integration efforts with Quebec and California.
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Ontario's Climate Change Mitigation and Low-Carbon Economy Act introduces a cap-and-trade program, with Regulation 144/16 effective from July 1, 2016, and the first auction planned for March 2017. The act enhances public accountability and mandates annual reporting on funds directed to greenhouse gas reduction programs.
Free allowances will be allocated based on production, historical data, direct distribution, or energy use. Ontario's $7 billion climate action plan will fund building retrofits, emission reductions, and clean technology R&D.
An agreement with Alberta aims to expedite clean technology project development. The legislation supports integration with Quebec and California's carbon markets.
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