Today, Québec Premier Philippe Couillard hosted Ontario Premier Kathleen Wynne and California Governor Edmund G. Brown in Québec City to sign an agreement linking the carbon markets of Québec, Ontario and California.
In stark contrast to current U.S. federal thinking, Governor Brown noted, “Climate change, if left unchecked, will profoundly disrupt the economies of the world and cause untold human suffering. That’s the reason why California and Québec are joining with Ontario to create an expanded and dynamic carbon market, which will drive down greenhouse gas emissions.”
By signing this agreement to integrate and harmonize emissions cap programs, Ontario will now formally enter the Québec-California carbon market, effective January 1, 2018. This will allow all three governments to hold joint auctions of greenhouse gas emission allowances and to harmonize regulations and reporting.
The WCI covers a population of more than 60 million people and about C$4 trillion in GDP. By linking, the three governments will harmonize regulations and reporting, while also planning and holding joint auctions of GHG emission allowances.
Together, Ontario, Québec and California’s collective market is larger than any existing carbon market, except for the European Union.
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