Ontario’s new Progressive Conservative government expects to spend up to $5 million to compensate companies that bought into the province’s cap-and-trade system, the provincial environment minister said Wednesday before moving to repeal the carbon pricing program.
Rod Phillips introduced a bill that, if passed, will lay out the legal framework to wind down cap and trade, as well as the criteria for companies seeking to be reimbursed for costs incurred through the program.
While the program’s 272 participants bought close to $3 billion in allowances, Phillips said only those that purchased more than they used while the program was still active, and were not able to recover those costs from consumers, will be eligible for compensation.
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