In cancelling the prior cap…

In cancelling the prior cap and trade system, it's essential that the Province replace it with something equally effective. As the most recent report of Intergovernmental Panel on Climate Change has pointed out, we'll need swift and concerted action to avert the worst and most massively expensive effects of climate change. Acting now to build a clean energy economy will bring huge financial benefits to the jurisdictions that get there first. Ontario, with its many natural resources and highly trained workforce is in an excellent position to take advantage of this opportunity, but we must act now with a powerful set of market based incentives to reduce fossil fuel use and start building a 21st century green economy.

The best and most politically feasible way to create such incentives would be to impose a strong and steadily rising levy on industrial emissions of greenhouse gases, returning the full amount collected as an annual dividend to all Ontarians. This approach would create a strong incentive for industries to work more efficiently and rely wherever possible on renewables without imposing economic hardship on anyone. Studies by economists have shown very convincingly , in fact, that a pollution fee-and-dividend strategy would yield a net financial benefit to more than 60% of Ontario's population.

I would also strongly urge that the Province stop wasting taxpayer's money in a futile effort to contest the legality of Canada's "polluter pays" carbon legislation. We need strong incentives to reduce climate-changing pollution that is now putting the whole world in danger. The Federal has begun doing its part, but now Ontario and all the other provinces need to do so as well.