December 5, 2017 by Ronjoy Bezbarua
(Source: The Climate Group) With the right climate policies in place, the economy and the environment can go “hand-in-hand” – and the Under2 Coalition is a crucial part of this, says Chris Ballard, Minister of the Environment and Climate Change, Ontario, a Canadian province which has proven that sub-national leadership influences global climate action – and helped shape the ambitious Paris Agreement in 2015. “Back in January 2017 after a number of years of discussion and research, we launched our cap-and-trade program”, says Chris Ballard. The choice for such a policy tool was motivated by “a great balance between dealing with serious environmental issues and stimulating the economy. To date, having held three auctions so far, Ontario has netted about C$1.5 billion (US$1.17 billion) from selling the carbon allowances prescribed in the program. “Every penny of money we raised through our auctions has to go back into greenhouse gas emissions [mitigation and reduction programs],” says Chris Ballard. Ontario also linked its cap-and-trade system with Quebec and California “to create a bigger market, which is better for our businesses, better for our economy and a better way of helping our citizens prosper.” Read full article….
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