Canada to reinvest money after Ontario scraps cap and trade
November 8, 2018 By P&PC Staff
November 8, 2018 – The Canadian government announced it plans to reinvest money allocated to Ontario as part of its Low Carbon Economy Fund after the Ontario government cancelled the cap and trade program last week.
Canada’s Minister of Environment and Climate Change, Catherine McKenna, says that the government will explore options for reinvesting the remaining Ontario portion of the fund in initiatives that improve energy efficiency, reduce emissions, save money and create jobs across the province. The government plans to release more details in the coming months.
“The government of Ontario cancelled projects that were helping individuals, universities, colleges, communities and businesses reduce carbon pollution, improve energy efficiency and save money,” says McKenna. “Canadians understand the urgency of climate change and expect us to fight back, not sit back. We will keep working with governments, businesses and people across Ontario and Canada to reduce carbon pollution and create a strong clean economy for our kids and grandkids.”
The federal government says Canada’s emissions are down and nearly 600,000 full-time jobs have been created by Canadians since 2015. The Low Carbon Leadership Fund has made $1.4 billion dollars of investment for climate action available to support provinces and territories, with a priority on energy efficiency.
Among the projects associated with the Low Carbon Leadership Fund are a forest regeneration program in the Northwest Territories and an energy rebate program for LED lighting and smart thermostats in Nova Scotia.
The government predicts that greater energy efficiency will create 118,000 jobs by 2030, boost the GDP by $356 billion over the next 12 years and save Canadian households an average of $114 a year.
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