Ontario is set to create a cap-and-trade scheme for greenhouse gas emissions and link it to the market in California and Quebec, according to the Globe & Mail.
The province is currently in the middle of a public consultation round on its future climate policy, but has already decided to set up a carbon market, the newspaper said, citing unnamed government and industry sources.
“The broad outlines of the system will be announced some time this spring – possibly around an interprovincial climate summit in Quebec City on April 13 – with full details worked out over the coming months,” it said, adding that Environment Minister Glen Murray is set to present the plan to Cabinet within the next 10 days.
The move would mean an expansion of what is already North America’s biggest emissions market, which will issue some 460 million permits for 2015 across the two jurisdictions.
Ontario emits 166 million tonnes of CO2 equivalent per year, with transport (57 mt), industry (50 mt) and buildings (29 mt) as the biggest-emitting sectors.