Québec-California-Ontario Carbon Market: A Strong Example of North American Collaboration
Mary Nichols, Chair of the California Air Resources Board, Isabelle Melançon, Quebec Minister of Sustainable Development, the Environment, and the Fight against Climate Change, and Chris Ballard, Minister of the Environment and Climate Change, are pleased to announce the results of the first joint cap and trade auction, held on February 21, 2018. As representatives of the two largest Canadian provinces and the most populated state in the United States, they recognize and celebrate the unprecedented spirit of cooperation among the three partners that led to their cap and trade markets being linked and this joint auction. All three jurisdictions are confident that this successful relationship and its fight against climate change will encourage and motivate more jurisdictions in North America and around the world to follow their example.
“This auction marks the beginning of a new chapter in the global fight against climate change. California, Quebec, and now Ontario, three 'sub-nationals' with a population of 61million and a combined GDP that makes it the fourth largest economy on the planet, have successfully linked their programs to slash climate-changing gases to meet ambitious climate goals. This is another example of forward-looking provinces, states and regions taking effective steps today to address the looming danger of climate change.”
Mary D. Nichols
“Faced with this major global challenge of combating climate change, cooperation is essential. The arrival of Ontario in the market, which was already the largest in North America, strengthens its economic and environmental performance, and there’s more to come! Other partners are interested in our carbon market and are considering joining. The carbon market coupled with the numerous initiatives that have been implemented locally to reduce greenhouse gas emissions, lower the risks and avoid the worst consequences of climate change are promising measures for protecting the environment and the health of our respective economies. This enables us to make concrete progress towards achieving our GHG emission mitigation goal for a new Quebec that is more prosperous, inclusive, and green.”
“By joining the largest carbon market in North America, Ontario is ensuring that people and businesses are able to reduce greenhouse gas emissions at the lowest cost possible. Ontario chose cap and trade as its carbon-pricing method, a system that the Environmental Commissioner of Ontario described as ‘best-in-class,’ for three core reasons. First, it guarantees reduced emissions by putting an absolute cap on the volume of greenhouse gas pollution that can be released. Second, it invests all of the proceeds from the carbon market into green solutions to help people reduce their carbon footprint. And, most importantly, it minimizes costs for the people of Ontario. Together, with Quebec and California, we will take a lead in fighting climate change. This is a global issue that demands collective action now.”