The science underlying the…

The science underlying the effects of carbon as a pollutant on the earth’s climate is clear: the greenhouse effect produced by too much CO2 and NOx in our atmosphere is warming the planet at an unprecedented and alarming rate. According to the UN IPCC report released this week, we have LESS THAN A DECADE to create the substantial changes needed to slow (or hopefully begin to reverse) the catastrophic effects of anthropogenic climate change.

Many of us prioritize making money (or not spending money) over the common good — including the needs of our planet. Change is hard. But putting a price on carbon pollution is a way to encourage business to act responsibly to curb their production of pollutants. Being able to buy and sell carbon credits on the market allows firms who are ahead of the curve to reap the benefits of better corporate stewardship and those that need more time to change to have that opportunity. Ontario was just beginning to realize the benefits of the carbon market, with more green business investment, and more green industry research and innovation. Ontario’s Cap and Trade program, while not always well understood, was already paying dividends to individuals and businesses directly, in the form of financial incentives to improve or retrofit their homes and businesses for greater energy efficiency, and new green business opportunities paid for by the Cap and Trade program itself. In addition, access to carbon auctions was generating $1.9 billion in revenues for the Province that cannot be easily replaced, as well as a further loss of Federal transfer payments of $420 million for Provinces that are engaged in fighting climate change.

The consequences of ignoring the impending global climate tipping point are dire: bringing ecological, economic (green business investment and development), biological (permanent loss of biodiversity), and financial catastrophe (insurance losses, lost production, lost tax base, lost employment opportunities) to the Province. The Government of Ontario must meet or exceed carbon reduction and environmental protection goals needed to prevent impending damage caused by the warming of our planet. We also have a responsibility to the rest of the world, via the Paris Agreement, to meet or exceed our commitments. Repealing Cap and Trade without having a replacement program is irresponsible — for Ontario, for Canada, and for the world.

Cancelling Ontario’s Cap and Trade program at this time in our history is short-sighted and destructive. Clearly, the short-term political gain is not worth the consequences of continuing to prioritize political ideology over effective, progressive, climate policy. Ontario has an opportunity to lead the world in our efforts to curb global warming before we run out of time, and we are desperately short of that already — please don’t squander the chance to show the world real leadership.