Toronto, Ont. – The Clean Economy Alliance, a multi-sector coalition of over 100 Ontario businesses and organizations, celebrates the announcement of very strong results from the first cap-and-trade auction following Ontario’s linkage in the joint market with California and Quebec. The 100 per cent sellout of current allowances, along with the sale of future allowances, yielded over $476 million for climate action in Ontario, adding to the nearly $2 billion raised last year.
“These auction results are more evidence that Ontario’s cap-and-trade program is well designed and its implementation has been well executed,” says Keith Brooks, Programs Director at Environmental Defence. “The results announced today show that businesses continue to have confidence in Ontario’s cap-and-trade program and carbon market. The revenues raised will go a long way toward fighting climate change by building critical infrastructure like public transit, and helping Ontarians reduce their carbon footprints by retrofitting their homes and cleaning their commutes.”
Industry participants echo the auction’s success. “Like Gretzky said, smart Ontario businesses want to go to where the puck will be, not where it is. And there can be little doubt that we need to make the transition to a low carbon economy. The $476 million in cap-and-trade revenue announced today will provide key support to accelerate this,” says Robert Cumming, Director of Environment at Lafarge Inc. “Cap-and-trade represents an excellent opportunity for the Ontario Government to reinvest carbon pricing revenues back into local industry and jobs, by providing funding towards the research, development, and deployment of new technologies. Funds are set aside out of cap-and-trade revenues specifically to help companies like ours attract the international investment needed to implement solutions.”
About The CLEAN ECONOMY ALLIANCE (CEA): The CEA united in 2015 to urge Ontario to show leadership in addressing the crucial issue of climate change and put a price on carbon. Addressing climate change can improve our health, create new jobs, and build new markets and opportunities for Ontario-based businesses in the global clean economy.
For a full list of Clean Economy Alliance members, please visit www.cleaneconomyalliance.ca.