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Ontario introduces cap-and-trade system

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May 31, 2016

In May 2016, the Climate Change Mitigation and Low-carbon Economy Act (Act) was recently passed by the Ontario legislature. This Act introduces the new cap-and-trade system for Ontario. The corresponding Ontario Regulation 144/16 (the Regulation) setting out the details how cap and trade will be implemented has been filed and is set to come into force on July 1, 2016. The province anticipates the first auction under the new system will be held in March 2017.

While the Act as passed is very similar to the earlier version, one of the key changes will be enhanced accountability and public reporting on the cap-and-trade proceeds. For instance, the money raised will go to a Greenhouse Gas Reduction Account to invest in programs that reduce greenhouse gas emissions, and the minister is now required to make a report available to the public each year on initiatives that are funded from the Greenhouse Gas Reduction Account.

Review the Act and the article on the Norton Rose Fulbright's Web site.

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