MOECC Opens Comments on Carbon Cap-and-Trade Regulation Proposal

The comment period is officially open on the Ontario government’s carbon Offsets Credits Regulatory Proposal.

Launched this week by Ontario’s minister of the environment and climate change Glen Murray while at the United Nations’ 22nd Climate Change Conference of the Parties in Morocco, the comment period runs for 45 days.

The proposed regulation allows companies participating in the cap and trade program to purchase carbon offset credits to reduce their emissions or removing greenhouse gases emitted by sources not covered by cap and trade. Offset credits can be purchased for projects such as tree planting, which absorbs carbon dioxide, or manure management, which captures and destroys methane gas.

The carbon cap-and-trade system is part of Ontario’s Climate Change Action Plan.

Based on estimates, Ontario expects to generate approximately $1.8-1.9 billion per year in proceeds from the carbon tax. The province says it plans to reinvest the money generated into programs that “reduce greenhouse gas pollution, help save families money and reward innovative companies by creating more opportunities for investment in Ontario.”
The proposal is available online. Comments can be submitted here.

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