Ontario announces results of first greenhouse gas emission auction

March 5, 2018

By: The Working Forest Staff

 

 

Ontario has announced the results of the first joint Ontario, Quebec, California auction of greenhouse gas emission allowances, held February 21, 2018.

A total of 98,215,920 current (2016 and 2018 vintage) greenhouse gas emission allowances were sold at a settlement price of $18.44 CAD, and a total of 8,576,000 future (2021 vintage) allowances were sold at a settlement price of $18.34 CAD. The auction generated estimated proceeds to Ontario in the order of $471 million, which by law will be invested in programs that will reduce greenhouse gas pollution and help families and businesses reduce their own emissions through the Climate Change Action Plan.

A total of 98,215,920 current (2016 and 2018 vintage) greenhouse gas emission allowances were sold at a settlement price of $18.44 CAD, and a total of 8,576,000 future (2021 vintage) allowances were sold at a settlement price of $18.34 CAD. The auction generated estimated proceeds to Ontario in the order of $471 million, which by law will be invested in programs that will reduce greenhouse gas pollution and help families and businesses reduce their own emissions through the Climate Change Action Plan.

In the linked market, actual auction proceeds are calculated and reported in a post-auction proceeds report issued by each jurisdiction. The proceeds reports for the February auction will be posted on March 20, 2018.

By law, all proceeds Ontario receives from the auction will be invested in programs that help families and businesses reduce their greenhouse gas pollution through the Climate Change Action Plan.

The auction was administered by the Ontario Ministry of the Environment and Climate Change, the Quebec Ministère du Développement durable de l’Environnement et de la Lutte contre les changements climatiques and the California Air Resources Board, using services contracted by the Western Climate Initiative (WCI) Inc., with oversight from an independent market monitor to ensure the integrity of the process.

The summary report of the results has been made available to the public.

Making it easier and more affordable for people to fight climate change at home is part of Ontario’s plan to create fairness and opportunity during this period of rapid economic change. The plan includes a higher minimum wage and better working conditions, free tuition for hundreds of thousands of students, easier access to affordable child care, and free prescription drugs for everyone under 25 through the biggest expansion of medicare in a generation.

 

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