January 11, 2018 by Ronjoy Bezbarua
(Source: Press release) Énergir, the new Gaz Métro, applauds Ontario’s official entry into the carbon market, took place on January 1. Initially formed of Québec and California, Ontario’s entry strengthen what is the largest market of its kind in North America. The three parties signed an agreement on the harmonization of the cap-and- trade system which allow business in Ontario to participate in carbon market trading and to continue their transition toward a lower-carbon economy.
“In order to reach the greenhouse gas (GHG) emission reduction objectives in Québec, we must first encourage citizens and businesses to reduce their energy consumption through properly adapted energy efficiency programs. Beyond that, GHG residual emissions must be reduced or offset in a variety of ways, including through the carbon market. We are delighted to see a third major player join us in this effort. The carbon market and the fight against climate change are opportunities for Québec, California, and now Ontario to move toward a greener economy, and we are proud to be a part of it,” said Stéphanie Trudeau, Senior Vice President, Regulatory, Customers and Communities at Énergir.
Ontario’s formally participation in the carbon market is an opportunity to support local GHG emission reduction projects, including through the purchase of offset credits. In Québec alone, Énergir has bought over $7.5 million in eight offset credit projects since January 2015, which has allowed it to encourage Québec businesses that strive to reduce GHG emissions. These projects have made it possible to permanently reduce greenhouse gas emissions by more than 500,000 metric tonnes of CO 2 equivalent by eliminating GHGs found in old refrigerators and biogas from landfills. Énergir is committed to prioritizing offset purchase in innovative projects that help fight climate change and that stimulate Québec’s green economy, and now that of Ontario as well.