UPDATE 2-Canada’s Ontario Government Scraps Cap-and-Trade Program
by Danya Hajjaji (Reuters) The newly elected Ontario government announced on Tuesday (July 3, 2018) it would end the province’s cap-and-trade program, a policy designed to reduce greenhouse gas emissions, fulfilling one of Premier Doug Ford’s election promises.
However, it leaves businesses that bought C$2.8 billion ($2.1 billion) worth of allowances in limbo.
Ford’s Progressive Conservative government swept to power last month, ending 15 years of Liberal rule in Ontario, Canada’s most populous province and the country’s economic engine, with a promise to cut corporate and personal taxes.
The government said it would immediately start an orderly wind-down of all programs funded out of cap-and-trade carbon tax revenues but agreed to honour certain contracts that have already been signed. READ MORE