Ontario set for last cap-and-trade auction before joining Quebec and California
TORONTO — Ontario’s final cap-and-trade auction before entering a joint market with Quebec and California next year is set for today.
The province launched the program aimed at lowering greenhouse gas emissions this year and has seen three sell-out auctions, bringing in about $1.5 billion for green projects.
The system puts caps on the amount of pollution companies in certain industries can emit, and if they exceed those limits they must buy allowances at auction or from other companies that come in under their limits.
As of Jan. 1, Ontario will join Quebec and California’s carbon market, which has also seen three sold out auctions in a row for current credits.