Concerns that Ontario’s proposed emissions reduction system for large emitters could be weaker than Ottawa’s ‘backstop’ programme may not matter if the provincial government won’t commit to the policy in the long-term amid legal and political uncertainty, stakeholders said at a webinar on Friday.
The possible implementation of a different carbon pricing system in Ontario has frustrated participants that only eight months ago witnessed Progressive Conservative party Premier Doug Ford abruptly scrap the province’s WCI-linked ETS upon taking office, leading to significant financial losses and cancelled contracts for companies.
“From the industry’s point of view, people are getting tired,” said Michael Berends, the managing director of origination for Toronto-based consultancy ClearBlue Markets, during a webinar hosted by environmental organisation Clean Economy Alliance.