The cancellation of the Cap…

The cancellation of the Cap-and-Trade program to curb greenhouse gas emissions will have negative consequences for Ontario in the short and longer terms. Although Cap-and-Trade is not seen by economists as the best way to put a price on carbon pollution, the program was effective in reducing emissions, bringing in revenue which then sponsored more conservation measures, and provided local jobs in the emerging low-carbon economy.
The special report on global warming of 1.5C Oct 8 2018 by the IPCC warns that in order to limit the temperature rise to 1.5 degrees C over pre-industrial times, drastic actions must be taken to limit further carbon pollution: "The report finds that limiting global warming to 1.5°C would require "rapid and far-reaching" transitions in land, energy, industry, buildings, transport, and cities. " [1]. It should be noted that this report, as all other IPCC reports, have been approved by the governments participating in the IPCC, therefore the estimates are probably more conservative than the scientific consensus. The Cap-and-Trade program provided a transition path for industry, buildings and transportation, three sectors that emit the majority of Ontario's GHG burden.
In terms of public policy, cancelling a program to put a price on carbon and reinvest those revenues toward a low carbon economy sends the wrong message to other governments that it is acceptable to ignore the growing consequences of climate change due to global warming. Ontario is one of the largest subnational economies in the word and ought to be a leader in advocating for public policy that ensures a safe and prosperous future for our children and grandchildren.