TORONTO, ON, Sept. 29, 2015 – Today, the Ontario Chamber of Commerce (OCC) released a report in response to the government’s decision to implement a province-wide cap and trade system. With this decision, Ontario is joining a growing number of jurisdictions who are taking action to address climate change, including large emitters like China and the United States.
The report, Clean Profits, highlights seven key recommendations that government should address through the development and implementation process of the cap and trade system. Adopting these recommendations will help to maximize the environmental and economic benefits of the system while minimizing the costs.
“Ontario’s business community understands the need to address climate change,” said Allan O’Dette, President and CEO of the OCC. “If designed correctly, the government’s proposed cap and trade system could present significant opportunities for Ontario and make us a more competitive jurisdiction. If designed poorly, however, it could lead to negative outcomes; hurting jobs, the economy, and even our environment.”
To inform this report, the OCC worked with employers of all sizes and across major sectors of the economy, many of whom have practical experience in other jurisdictions that currently employ carbon pricing policies. Based on this consultative process, the report identifies a set of common recommendations regarding the proposed system, including around system design.
The report’s recommendations include:
Conduct and publicly release the results of an economic analysis of the proposed cap and trade system;
Direct cap and trade revenue to efforts that directly facilitate businesses’ transition to a lower carbon economy; and
Ensure that the structural realities of Ontario’s economy are reflected in the design of the system.
“It is important that the provincial government work collaboratively with the business community to get the design of this system right,” said O’Dette. “That is why, as the government moves ahead, there needs to be an acknowledgement of the broader economic context in Ontario.”
The OCC encourages the provincial government to continue engagement with all members of the business community throughout the system’s development. By working with businesses to address challenges outlined in this report, the provincial government will be able to achieve its environmental goals while improving the growth and prosperity of Ontario’s economy.
Learn more about the Ontario Chamber of Commerce.
Senior Communications Advisor
Ontario Chamber of Commerce
t. 416.482.5222 ext. 2470