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Ontario introduces $400-million taxpayer-funded 'carbon trust' plan

Ontario's Tory government reveals plan to address climate change
Ontario's much-anticipated climate-change plan commits to meeting Paris Agreement targets by 2030 through a range of measures that include establishing a fund to spur private investment in clean energy and imposing performance standards on large emitters.

The Progressive Conservative government says it will spend $400 million over four years on the taxpayer-funded Ontario Carbon Trust to partner with the private sector on clean technologies.

The fund will include a $50 million ``reverse auction'' that encourages businesses to bid on government contracts awarded based on the lowest cost per tonne of greenhouse gas emissions.

The province also plans to encourage greater use of electric vehicles, compressed natural gas in trucking and increased levels of ethanol in gasoline.

The new climate plan will replace the cap-and-trade system introduced in 2015 by the previous Liberal government.

The Tories promised to scrap the program during the spring election campaign, saying it made life more expensive for families.
More to come.
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