ONTARIO, QUEBEC AND CALIFORNIA INK CAP-AND-TRADE DEAL

Sep 22, 2017

By Michael Kramer

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Ontario has signed an agreement to become part of Quebec and California’s cap-and-trade system – as of next January 1st.

The province has been operating its own system this year Рtargeting  lower greenhouse gas emissions Рand has seen three sell-out auctions in a row.

The system caps the amount of pollution that companies in certain industries can emit – and if they go over those limits they have to buy allowances at auction – or from other companies that come in under their limits.

Ontario Premier Kathleen Wynne says it’s hugely important for Canada’s two largest provinces – and America’s largest state – to play a leadership role in reducing emissions.

And California Governor Jerry Brown noted that the administration of U.S. President Donald Trump may not have an agenda of fighting climate change – but that’s exactly why it’s important for subnational governments to move forward.

The Quebec-California market has seen an average of three-quarters of available credits selling at auction, since 2014.

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