The cap-and-trade system is over, say Ontario MPs as the new law is unveiled

Ontario's Minister of the Environment is preparing to unveil a law to end the province's cap-and-trade program, saying it will allow the average family to save $ 260 a year. the former Liberal government, and fight against the imposition of any federal carbon tax. The government claims that Ontario families will save money because of the energy and fuel costs as well as the "overhead costs" of the cap-and-trade system.

In a statement, Minister of Environment Rod Phillips Past, he will compensate eligible businesses that have purchased credits under the program and will also include new measures to replace the cap and trade system. exchange by "a better plan to achieve real environmental goals".

The bill would also require the province to set targets for reducing greenhouse gas emissions and publish a climate change plan, although both could be revised downstream.

It is unclear how much it will cost the government to deny the cap-and-trade system. Critics have expressed concern that the government may have to pay billions of dollars to compensate licensees, and that the province has not yet explained how it could compensate for lost revenues.

to what extent the cancellation of the cap-and-trade system will eventually cost the province.

Programs funded by the cap-and-trade system have already been abolished

The government has already taken steps to dismantle the cap-and-trade system. including revoking the regulation that states its operation. The PCs also canceled a number of programs funded by the program's product, including the GreenON program that helped homeowners pay for environmentally friendly renovations and a program that incentivized those who bought electric vehicles [19659002] One of the key promises of Prime Minister Doug Ford during the province's spring election campaign and one of the priorities that he promised to address in the rare session of the year. summer of the legislature.

The Federal Minister of the Environment says he is disappointed There is no plan to fight climate change.