The Climate Report 2017/18 - Page 79



S P E N D I N G O N TA R I O ’ S C A P A N D
T R A D E P R O C E E D S W I S E LY
Ontario has chosen a cap and invest approach
to carbon pricing. The government will put
the proceeds from its quarterly cap and trade
allowance auctions into a Greenhouse Gas
Reduction Account (GGRA) that it controls. Its
justification: it needs the money to drive
emissions reductions that would not
otherwise occur.
Putting a price on carbon, by itself, would not
be enough to achieve Ontario’s reduction
targets, unless the price were very high. But
will the GGRA fund (up to $2 billion per year)
be genuinely used to reduce Ontario’s GHG
emissions, or will it leak away into other
government priorities?
F O R M O R E I N F O R M AT I O N
Visit eco.on.ca for more information on the
Environmental Commissioner of Ontario,
and our reporting on Ontario’s GHG
reductions and climate change initiatives.
The government should build public
confidence by ensuring that the money is
being spent only on new GHG reductions,
with clear spending rules and transparent,
timely reporting.
FOLLOW US:
@Ont_ECO
@OntarioEnvironmentalCommissioner
This document was prepared by the Environmental
Commissioner of Ontario, and ECO Strategy.
ECO Strategy has been providing media relations and
strategic counsel to the Environmental Commissioner’s
Office for the past decade.
77

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