A Quick Look at the Cap and Trade Cancellation Act

Published on October 02, 2018

On July 25th, the Government of Ontario introduced the Cap and Trade Cancellation Act, which is set to repeal the Climate Change Mitigation and Low-carbon Economy Act if it passes. The Act is intended to lay out the framework for an orderly wind-down of the cap and trade program for greenhouse gases. The Act will also require the Ontario government to establish targets for reducing greenhouse gas emissions within Ontario, and for the Minister of Environment, Conservation and Parks to prepare a climate change plan with respective progress reports.

The Act addresses matters with respect to the wind down of the Cap and Trade Program including: the retirement of cap and trade instruments such as an Ontario emission allowance, compensation by the Crown for money spent in regards to cap and trade instruments, and the prevention of cause of action against the Crown as a result of the Act’s enactment.

As the Ontario government looks to target greenhouse gas emissions in a way that concerns both the economy and the environment, our team at BSG believes that this is a fantastic time to consider reducing your own home’s emissions. Our Registered Energy Advisors are able to show you what can be done to help improve your home’s energy efficiency through a home energy audit, and can provide you with a list of possible changes that would result in the highest increase in energy efficiency per value. Additionally, our Registered Energy Advisors can help you navigate the currently available home reno rebates, helping you see a more immediate return on any home renovation investments you may make.