Jessica E.M. Boily
Partner
Article
Ontario's Cap and Trade program is being updated. On March 22, 2017, as we reported here, Ontario held its first stand-alone auction of greenhouse gas ("GHG") allowances, selling all 25,296,367 current vintage allowances that were available and 812,000 of the 3 million available 2020 vintage allowances. The selling prices were $18.08 and $18.07 respectively, with a reserve or floor price of $18.07.[1]
Meanwhile, the Ministry of Environment and Climate Change ("MOECC") has proposed amendments to the Cap and Trade Program Regulation, O. Reg. 144/16, and the Quantification, Reporting and Verification of Greenhouse Gas Emissions Regulation, O. Reg. 143/16, and the Methodology for the Distribution of Ontario Emission Allowances Free of Charges (which is incorporated by reference into the Cap and Trade Program Regulation) and the Guideline for Quantification, Reporting and Verification of Greenhouse Gas Emissions. The proposed amendments are intended to tighten up gaps in the regime and clarify certain methods for determining the number of free allowances with the announcement of proposed amendments. Comments on the proposed amendments may be made on the Environmental Registry until May 20, 2017.
The proposed amendments include:
The second auction of greenhouse gas allowances will occur on June 6, 2017.[2]
NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.