TORONTO — Ontario’s cap-and-trade auctions brought in nearly $2 billion in its first year, ahead of entering a joint market with Quebec and California next year. Environment Minister Chris Ballard said in a statement that Wednesday’s results show the system is functioning as it should. The government has previously said it didn’t expect every single auction to sell out, as the market fluctuates. Keith Brooks of Environmental Defence said the latest results are a strong showing, considering the uncertainty around the future of cap and trade in Ontario. But the Liberal government has staunchly defended the plan, saying it is far more cost effective and is more effective at reducing emissions than a carbon tax.

Source: National Post December 06, 2017 21:01 UTC