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Ontario To Join California And Quebec's Carbon Market

Law360, San Francisco (September 22, 2017, 6:57 PM EDT) -- Ontario has entered an agreement to join California and Quebec in their cap-and-trade market run by nonprofit Western Climate Initiative Inc., with the goal of reducing greenhouse gas emissions, the Ontario government announced Friday.

Under the agreement, which goes into effect Jan. 1, Ontario will formally enter Quebec and California’s carbon market, and companies participating in the market will then be able to use carbon allowances issued by any of the three governments interchangeably. Participants will also be able to hold carbon auctions where they sell or trade allowances, each representing a ton of carbon-dioxide-equivalent greenhouse gases that the companies emit,...

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