Carbon pricing is now the reality across Canada and Ontario is moving forward with the Climate Change Action Plan, which includes cap and trade, because it is best suited for our economy. Third-party economic experts have confirmed that our plan is both the most cost effective and best at reducing emissions compared to carbon pricing alternatives. In joining North America’s largest carbon market, we are becoming partners in the most efficient and cost effective emissions reduction program there is. Transparently reinvesting all cap and trade revenue will also allow us to support up to $8.3 billion in projects that fight climate change like home and business retrofits. These investments will help families and businesses reduce costs and make the switch to non-polluting choices easier and less expensive.
Ontario’s business community throughout the consultation and implementation processes have shown support for our plan to fight climate change because directly compared to the alternatives, it is best suited spur economic growth and achieve real emissions reductions.
Flavio Volpe President of the Automotive Parts Manufacturers Association stated “with every leading jurisdiction we compete with studying cap and trade models, it is important that this Province continues to be a leader in the formulation and implementation of global best practices.”
David Paterson from General Motors Canada stated “as Ontario moves to place a value on carbon, we will work together and support the development of market mechanisms that are effective, protect our manufacturing competitiveness and support consumers interested in adopting new technologies, like our Chevrolet electric vehicles.”
Furthermore, after introducing its cap and trade program, California’s economy grew at a pace that exceeded the growth of the rest of the U.S. economy. The number of jobs in California grew by almost 3.3 per cent in the first year and a half of the program, outstripping the national rate of job creation, which was 2.5 per cent over the same period.