Auctions in a cap-and-trade market that Ontario is set to join sold just a fraction of its allowances for the second time in a row, but the environment minister insists it doesn’t spell trouble for the province. Only 35 per cent of the available carbon pollution credits were sold in California and Quebec’s latest joint auction — though that’s up from the approximately 10 per cent in the previous round. Next year, Ontario is set to launch its cap-and-trade program, requiring emitters to pay for greenhouse gases released into the air, and will link with California and Quebec’s market the following year. Environment Minister Glen Murray said fluctuations in that market are “normal” and are affected by a host of political, economic and legal factors. We have a fairly tight market, so there’s no doubt that there will be some real uptake.”

Source: thestar August 25, 2016 20:48 UTC