In our post on February 4, 2016: Ontario introduces new climate change legislation we reported the Ontario Government’s introduction of the Climate Change Mitigation and Low-Carbon Economy Act. That Act was passed today and awaits royal assent before becoming law.
Under the Act, money raised from Ontario’s cap and trade program will be deposited into a new Greenhouse Gas Reduction Account. The account will invest every dollar in green projects and initiatives that reduce emissions.
Following extensive consultation with industry and other groups, the legislation was strengthened to require enhanced accountability and public reporting on the province’s upcoming Climate Change Action Plan and investment of cap and trade proceeds.
Ontario will post its final cap and trade regulation upon royal assent of the legislation. The regulation covers detailed rules and obligations for businesses participating in the program. ____________________________________________________________
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