“Before Ford makes a final decision to scrap cap-and-trade, let’s see just how much that will cost families and businesses – including the impacts on gasoline prices and household heating bills.” – NDP Leader Andrea Horwath
News from the Office of Ontario NDP Leader Andrea Horwath
Posted June 26th, 2018 on Niagara At Large
Queen’s Park, Toronto – Scrapping Ontario’s cap-and-trade program could come with a big price tag, and NDP Leader Andrea Horwath has asked the province’s Financial Accountability Officer (FAO) to look into just how big.
“With Kathleen Wynne and the Liberals’ gas plants scandal, Ontarians saw just how much it costs to rip up contracts,” said Horwath. “Before Mr. Ford rips up the cap-and-trade deal, and makes billions in credits already bought by Ontario businesses worthless, we need to take a hard look at those costs in this case – not just for the province, but the costs to families and businesses.”
So far, $3 billion in emissions credits have been auctioned and bought by businesses.
If Ontario leaves the cap-and-trade market, it’s not clear if the province would be on the hook to reimburse those companies, and what other costs and penalties come with ripping up the contracts and agreements Ontario has entered into with Quebec, California and all those industries currently in the cap-and-trade market.
The federal government has committed to impose a carbon tax on any province that doesn’t have its own emissions reduction plan by next year – which also means Ford is risking a federal carbon tax being slapped on Ontario if he scraps cap-and-trade and doesn’t put in any replacement program.
“I believe it’s up to us to leave the next generation with clean air and clean water. I’m worried that not only is Doug Ford jeopardizing Ontario’s environment – he’s asking people and businesses to pay extra to do it,” said Horwath.
“Before Ford makes a final decision to scrap cap-and-trade, let’s see just how much that will cost families and businesses – including the impacts on gasoline prices and household heating bills if Ontario defaults to the federally-imposed carbon tax instead of the current cap-and-trade market.”
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