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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

 

Quick fact:

 

  • All income derived from the Québec carbon market is paid into the Green Fund to finance the 2013-2020 Climate Change Action Plan, including measures to reduce greenhouse gas emissions and improve Québec society’s ability to adapt to the impacts of climate change. The plan also contributes to the modernization of our economy by stimulating investment, innovation and job creation in the cleantech sector.

 

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

Tel.: 418 521-3911

INFORMATION :

Media Relations

Ministère du Développement durable,

de l’Environnement et de la Lutte contre

les changements climatiques

Tel.: 418 521-3991

 

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