Press release |
Ontario carbon market holds its first auction: a success! |
Québec, April 3, 2017. – Reacting to the publication of the results of the Ontario carbon
market’s first auction of greenhouse gas emission units, held on March 22,
the Minister of Sustainable Development, the Environment and the Fight against
Climate Change, David Heurtel, congratulated the Government of Ontario and his
counterpart, the Minister of the Environment and Climate Change, Glen Murray,
on the success of this first operation. All units were sold above the floor
price set by the Ontario government for 2017. For Minister Heurtel, this first
auction’s success, with all the emission units from 2017 sold, once again highlights
the attraction of the model designed by Western Climate Initiative (WCI)
partners. Ontario
decided to adopt a market approach consistent with that of the cap-and-trade
systems for greenhouse gas emissions designed by Québec and California within
the framework of the WCI. Ontario’s system has been in force since early
January 2017, and steps to link it to the Québec-California carbon market by 2018
are underway. It
should be noted that Québec linked its cap-and-trade system for GHG emission
allowances with California’s on January 1, 2014, thereby creating the largest
carbon market in North America and the first designed and operated by federated
states of different countries. With Ontario’s entry into the carbon market, the
territory covered will account for over 60% of the Canadian population and
nearly 56% of Canada’s annual GDP. Quote: “I
salute the leadership and vision shown by the Government of Ontario and
congratulate my counterpart, the Minister of the Environment and Climate
Change, Glen Murray, for this important achievement. The strength and vitality
of the market that was observed during this first Ontario auction demonstrates
once again the relevance of the carbon pricing mechanism. By capping GHG
emissions, the Government of Ontario has shown the necessary vision to provide
itself with a robust and tested market tool that is in line with its
environmental ambitions. Québec and Ontario are continuing their collaborative
efforts and taking steps to link Ontario to the Québec-California market in 2018.
The expanded market will go even further to foster the adoption of practices
that emit lower amounts of GHGs and that will help to fast track our societies
to a greener, more prosperous economy.” David Heurtel, Minister of
Sustainable Development, the Environment and the Fight against Climate Change
Associated links: The Québec Carbon Market: http://www.mddelcc.gouv.qc.ca/changementsclimatiques/marche-carbone.asp Summary of the results of Ontario’s first carbon
market auction: https://www.ontario.ca/fr/page/plafonnement-et-echange –
30 – |
SOURCE :
Emilie Simard Press Officer Office of the Minister of Sustainable Development, the Environment and
the Fight against Climate |
INFORMATION :
Media
Relations Ministère
du Développement durable, de
l’Environnement et de la Lutte contre les
changements climatiques |