TORONTO, 15 June - Ontario’s incoming government today issued a statement underlining new Premier-Designate Doug Ford’s determination to cancel the province’s cap-and-trade system, and to resist the federal government’s carbon price backstop policy.

IETA is disappointed by the statement and hopes that Ontario’s new government can be convinced of the benefits of cap-and-trade: delivering pollution benefits, providing valuable funding for clean energy initiatives, and supporting job creation in the fast-growing clean tech sector.

“Climate change is a real problem that impacts real people, and IETA supports international cooperation to address it at the lowest cost possible,” says Dirk Forrister, CEO of IETA.

“Many countries and regions around the world know the benefits of market solutions and are moving to set up systems, including China, the world’s largest emitter. Ontario should remain a world leader in climate action."

Ontario currently participates in the Western Climate Initiative along with Québec and California, and other states, provinces and countries are considering joining the regional carbon market.

“This rushed decision is extremely dangerous and detrimental to Ontario businesses, consumers and trade partners,” says Katie Sullivan, IETA Managing Director. “The implications are far-reaching – not only across Ontario but beyond - and we hope the province pauses to revisit its position or assess other more viable options.”

Note: a fact sheet about Ontario’s cap-and-trade system, and its links to the California and Québec markets can be found here.