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Carbon: California and Quebec continue without Ontario

30/11/2018 - François-Xavier Branthôme - Read in French
California raises more than USD 800 million in carbon auction

California raised more than USD 800 million from selling permits to release greenhouse gases in the latest quarterly auction.
Auction results released on 28 November show all available permits were sold through California's cap-and-trade program. The program requires polluters to obtain permits for each ton of carbon they release.
Sixty percent of the revenue is earmarked for specific projects including a high-speed train planned to run between San Francisco and Los Angeles. The remaining forty percent is divvied up by state lawmakers for programs that address climate change, such as electric-vehicle subsidies.

Cap-and-trade is a central part of California's plan to reduce greenhouse gas emissions 40 percent below 1990 levels by 2030. Demand for permits has been consistently high since lawmakers last year extended the program until 2030.

Cap-and-Trade formally cancelled In Ontario
On July 3, Ontario pulled out of the common carbon market with Quebec and California
Ontario's new premier, Doug Ford, has fulfilled his election promise to take the province out of the common carbon market, which he said has cost Ontario taxpayers and businesses CAD 8 billion and had a negligible impact on emissions. Quebec, for its part, remained a member of the Common Carbon Exchange with California.

This was the first step taken by Ontario's new Conservative government. The Premier of Ontario, along with those from Manitoba and Saskatchewan, is opposed to the imposition of a carbon tax by the federal government of Ottawa, but has not specified how his province would comply the new demands of the Trudeau government. The latter requires each province to adopt a carbon pricing system at a minimum price of CAD 20 per tonne by January 1, 2019. This rate would increase by CAD 10 annually to reach CAD 50 in 2022.
Ontario passed the legislation to end Cap and Trade carbon tax on 31 October 2018.



Editor : TOMATO NEWS SAS - 2 avenue du Blanchissage 84000 AVIGNON - FRANCE /



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