On December 3rd 2009, the Ontario legislature passed Bill 185, amending the Environmental Protection Act to provide a framework for a cap-and-trade system for greenhouse gas (GHG) emissions in the province. The amended act now allows Ontario to join other cap-and-trade systems systems in North America and abroad.
The amended act authorizes the Minister to make regulations with respect to emissions trading and other economic and financial instruments and market-based approaches.
The Minister may now permit the distribution of economic financial instruments relating to GHG emissions through sale, auction and by other means, and may subdelegate regulatory powers to other persons or bodies.
The amended act also requires proceeds from the sale or distribution of such instruments to be deposited in a separate account to used toward supporting and administering GHG reduction initiatives.
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