Cap and trade to limit greenhouse gas pollution in Ontario
Climate change will increase the cost of food and insurance, harm wildlife and nature, and eventually make the world inhospitable.
In this context, Ontario is imposing a hard ceiling on the pollution allowed in each sector of the economy. Known as cap and trade, this system effectively reduces the amount of greenhouse gas pollution in our atmosphere by setting a limit on emissions, rewarding innovative companies, providing certainty for industries and creating more opportunities for investment in Ontario.
Ontario intends to join the cap and trade system under the Western Climate Initiative. Under the cap and trade system, businesses will have their own greenhouse gas quota and will then be able to sell it if they don't need it because of their own efficiency.
The government will reinvest the money raised through cap and trade in a transparent way back into projects that reduce greenhouse gas pollution and help businesses remain competitive.
Projects may include helping families consume less energy through more energy-efficient appliances or housing, building more public transit to reduce the number of vehicles on the road, and helping factories and businesses reduce greenhouse gas pollution. ■