Isramart : Ontario carbon trading system act passed

Isramart news:
Ontario is closer to establishing a cap-and-trade system to reduce greenhouse gas (GHG) emissions. Today, the legislature passed the Environmental Protection Amendment Act (Greenhouse Gas Emissions Trading), the foundation for Ontario’s cap-and-trade program.

The act allows Ontario’s program to link to other systems in North America and abroad. Aligned systems would maximize trading opportunities for industry, helping them to make GHG reductions at lowest cost.

A cap-and-trade system uses market forces to help industry reduce GHG emissions. It is an effective way to reduce the threat of climate change caused by carbon emissions. Cap and trade is also expected to boost the production of low-carbon processes and green technology, creating new jobs and business opportunities.

This legislation is the latest leadership measure taken by the Ontario government in its broader action plan to tackle the threat of climate change and achieve real GHG reductions that will protect and improve the environment.

Ontario’s Climate Change Action Plan calls for reducing greenhouse gases by six per cent from 1990 levels by 2014, and 15 per cent by 2020.

'Cap and trade will play an extremely important role in our future. It will help industrial emitters reduce their greenhouse gas emissions, generate many new jobs and opportunities for Ontarians, and improve our environment for generations to come.' - John Gerretsen Minister of the Environment