The provincial government is…

The provincial government is acting in a completely irresponsible way in cancelling the carbon emissions cap-and-trade program. This program put a price on carbon, which is a critical step in reducing our greenhouse gas emissions and slowing down the worst effects of climate change. Premier Ford claimed he wanted to put more money in the pockets of Ontario families. Ontario families care about the future we leave for our children. Right now our climate models are predicting warming of 2-6C by end of century in worldwide, a business-as-usual scenario, which we know will be catastrophic for humanity as well as for many species and ecosystems. We need to do everything in our power to cut emissions.

Cap and trade has a long history of successfully reducing pollution. It was used to substantially reduce acid-rain-causing emissions from power and smelting plants across North America. It is the best solution for mitigating climate change. At the very least, before cancelling the program, the Ontario government should have had a solid alternative in place that would result in MORE GHG reductions. Currently the government has offered NOTHING in place of the current cap-and-trade program.

The government is also being fiscally irresponsible. Canceling this program exposes the province to huge litigation risks by industry players who had already purchased or sold carbon offsets as part of the program, and can potentially sue the province for money spent for no real benefit, or for contracts signed with buyers for which there is no possibility to collect given a cancelled program. In addition the government could find itself sued by governments of the other participating jurisdictions (Quebec, California) for breach of the agreement.