CLEAN ECONOMY ALLIANCE Statement on the results of Ontario’s first cap-and-trade auction

Toronto, ON – The Clean Economy Alliance celebrates the strong results of Ontario’s inaugural cap-and-trade auction, with all of the 2017 Vintage Allowances sold. The multi-sector coalition of over 100 prominent Ontario businesses and organizations commends the success of the cap-and-trade program, which is the cornerstone of the province’s comprehensive plan to fight climate change.

“We’re glad the auction was a success. This means that the province can now get moving on a home energy retrofit program, the electrification of the rail lines, the cycling strategy, and the other programs in Ontario’s Climate Change Action Plan that will be funded by cap-and-trade revenues. Ultimately, the success of cap-and-trade must be judged based on the impact on reducing carbon emissions, but having revenues to reinvest back into climate action will speed our way to a low-carbon, clean economy.”

– Keith Brooks, Programs Director, Environmental Defence.

“Ontario has taken important steps forward to curb carbon pollution, it is the right thing to do. Let’s track progress in terms of how many emissions reductions are achieved and not how much revenue is generated. At the end of the day, if we have achieved the reductions at a cost that keeps businesses and jobs in Ontario, then everyone is a winner.”

– Michael McSweeney, President of the Cement Association of Canada

“We are starting to see a global energy transition as the world takes action on climate change. On a global scale, trillions will be invested in what is being coined the ‘resource revolution’ – the largest business opportunity in a century. Ontario and Canada more broadly are well-positioned to lead as we move to address climate change globally.”

– Deb Abbey, Chief Executive Officer of the Responsible Investment Association.

About The CLEAN ECONOMY ALLIANCE (CEA): The CEA is a group of over 100 organizations representing a broad cross-section of Ontarians that united in 2015 to urge Ontario to show leadership in addressing the crucial issue of climate change. The CEA includes prominent Ontario businesses, industry associations, labour unions, farmers’ groups, health advocates, and environmental organizations. The Alliance supports the Ontario government’s commitments to develop and implement a climate change strategy and cap-and-trade program. Its members recognize that reducing greenhouse gas emissions will bring many benefits, including cleaner air, improved public health, and more jobs and business opportunities in the clean economy. For a full list of Clean Economy Alliance members, please visit www.cleaneconomyalliance.ca.

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For more information or to arrange interviews, please contact: Allen Braude, Environmental Defence, 416-323-9521 ext 247416-356-2587 (cell); abraude@environmentaldefence.ca