Cap & Trade Program Revoked as First Business Item of New Cabinet

On July 3rd, Premier Ford confirmed that as a first order of business, the new Cabinet revoked “Ontario Regulation 144/16: The Cap and Trade Program” and prohibited the trading of emission allowances and credits effective immediately.  The cap & trade auctions come to an end and the government will begin the process of winding-up all programs funded by the cap and trade auction revenues.  It is our understanding that all related Climate Change Action Plan (CCAP) initiatives are effectively on hold until further notice.  As noted in the government news release, the continuation of specific initiatives currently supported by cap and trade revenue will be made on a case-by-case basis in alignment with the government’s upcoming value-for-money audit. .  Additional information can be found in the news release below.