¶ Published Monday, December 7th In Environment - No Comments »
On December 3rd, Ontario passed Bill 185, amending the Environmental Protection Act to provide a framework for a cap-and-trade system for greenhouse gas (GHG) emissions in the province. The amended act now allows Ontario to join other cap-and-trade systems systems in North America and abroad. It authorizes the Environment Minister to regulate emissions trading and other economic and financial instruments and market-based approaches. This will allow for the distribution of economic financial instruments relating to GHG emissions through sale, auction and by other means. The amended act also requires proceeds from the sale or distribution of such instruments to beRead the Rest…
¶ Published Sunday, December 6th In Environment - No Comments »
Martin Wolf of the Financial Times offers three criteria for post-Copenhagen climate change policies to be truly effective. First, we need prices for carbon that apply over relevant planning horizons. That price cannot be fixed forever, but must change with events. But it needs to be far more stable than in the European Union’s market for permits (see chart). A tax seems more attractive to me than “cap and trade”, for this reason. Second, where the abatement occurs must be separated from who pays for it. Abatement needs to happen where it is most efficient. That is why emissions ofRead the Rest…
¶ Published Monday, October 12th In Environment - No Comments »
The Ontario government is seeking comments on a draft Greenhouse Gas (GHG) Emissions Reporting regulation that would phase in requirements and support the implementation of a cap and trade program that can link to other GHG systems. This proposal has been posted for a 30 day public review and comment period starting October 07, 2009 until November 06, 2009. The regulation proposes the following requirements: Reporting for all regulated sources that are emitting 25,000 tonnes of carbon dioxide equivalent (CO2e) or more per year; Reporting of 2010 emissions in the year 2011, and reporting every following year ; Flexibility toRead the Rest…
¶ Published Monday, September 28th In Environment - No Comments »
In my latest article for National magazine, I assess some of the challenges facing lawyers and businesses in addressing the growing patchwork of climate change legislation.
¶ Published Monday, July 6th In Environment - No Comments »
Dianne Saxe discusses the options available to Ottawa and the provincial governments when it comes to climate change legislation. Here’s what she has to say about Ontario’s current situation: “Comments on Ontario’s cap and trade plan are due in three weeks, on July 24. However, the policy context has changed dramatically since Ontario’s discussion paper was drafted, and is continuing to mutate quickly. Canada has done so little for so long that our climate policy has laid us wide open to the serious protectionist provisions in the 1500 page US House of Representatives Bill HR 2454, the American Clean EnergyRead the Rest…
¶ Published Friday, May 29th In Environment, Legal Issues - No Comments »
On May 27, 2009, Ontario’s first Greenhouse Gas Emissions Trading Bill 185 was introduced. If passed, this Bill will allow Ontario to develop a cap-and-trade system, and integrate it with the other systems being developed in other Canadian jurisdictions and the United States, as Ontario is member of the Western Climate Initiative. This Bill will amend the Environmental Protection Act to allow Ontario to distribute GHG allowances. Specific regulations will also be adopted consequently. A discussion paper is now available. Comments may be submitted until July 26, 2009. The cap-and-trade system is expected to be implemented by 2012. For moreRead the Rest…
¶ Published Friday, April 10th In Environment - No Comments »
I attended the CCCA‘s spring conference in Montreal this week where the keynote speaker was Jeff Rubin, until recently the chief strategist and chief economist at CIBC World Markets, and who’s now coming out with a new book in May. According to Rubin the current global economic downturn was caused by high oil prices, more so than defaulting mortgages, just like in four of the last five world recessions (the 1998 Asian meltdown being the exception). Why? Japan and much of Europe had already entered into recession before the financial crisis hit. For Rubin, the real story of this recessionRead the Rest…
¶ Published Wednesday, February 25th In Environment - No Comments »
Ontario seems to be taking a lead in consultations aimed at designing a greenhouse gas cap-and-trade system. In December the province released its discussion paper on the issue. Gowlings gives a good breakdown of the details. A copy of the discussion paper can be found here. Comments will be accepted until March 3, 2009, following which consultations will continue in 2009 on a sector-specific basis with industries likely to be affected, to guide the development of the system. It’s expected that the framework will be announced as early as 2010.
