By John Georgakopoulos, REMI Network.
On November 16, 2015, Ontario’s Ministry of the Environment and Climate Change (“MOECC”) posted details about Ontario’s proposed greenhouse gas (GHG) cap-and-trade system (cap-and-trade system) to the Environmental Registry (EBR #012-5666) for public comment. The public comment period ends on December 15, 2015. What follows is a summary of Ontario’s proposed cap-and-trade system.
Cap-and-trade system design options
The MOECC is proposing that the cap-and-trade system begin on January 1, 2017. Implementation of the cap-and-trade-system by January 1, 2017 is expected to give Ontario enough time to meet its 2020 greenhouse gas reduction target of 15 per cent below 1990 GHG emission levels. The first auction of emissions allowances would then take place in March 2017.