Contact: Katie Kouchakji, firstname.lastname@example.org
TORONTO, 22 September – A planned link between Ontario’s nascent carbon market and those of California and Québec is a positive step forward for North American climate cooperation and expanding regional carbon markets.
The agreement to link, formally signed today, is planned to be made in 2018. Ontario’s economy-wide cap-and-trade program, launched earlier this year, was designed to link to California and Québec’s existing greenhouse gas market.
“Sub-national climate change action continues to go from strength to strength across North America,” says IETA’s CEO and President Dirk Forrister. “The trilateral link between Ontario, Québec and California is major step forward and embraced by business on both sides of the Canadian-US border.”
At the core of IETA’s mission is the call for linked carbon markets. Such connectivity offers greater flexibility to market participants, which results in lower costs for compliance – and thus households and consumers – as well as the opportunity to achieve greater emissions cuts at a lower cost than if jurisdictions operate unilaterally.
“The last two years have seen a surge in carbon pricing initiatives, not just in North America but globally,” says Katie Sullivan, Managing Director of IETA. “With this increased activity, we are seeing more interest in linking markets, as policymakers recognise the benefits of a wider and deeper marketplace.”
She adds: “IETA has long advocated for linked markets – this development is a significant milestone for carbon markets, cooperation and climate leadership in North America.”
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