The Ontario government unveiled its plan to combat climate change Thursday, including a fund that commits public money to entice companies to reduce emissions.
The regime called the Preserving and Protecting our Environment for Future Generations: A Made-In-Ontario Environment Plan aims to keep the province working toward meeting the emissions-reduction goals in the Paris Accord. Under that international agreement, Canada has committed to reducing emissions by 30 percent of 2005 levels by 2030.”
Ontario has reduced emissions by 22 percent, Environment Minister Rod Phillips told a news conference Thursday afternoon at a conservation area in Nobleton, Ont., just north of Toronto.
A major plank of the new plan is the Ontario Carbon Trust, to which the Ontario government will commit some $400 million over four years, to work with the private sector on developing clean technologies to reduce emissions.
The trust includes a $50 million “reverse auction,” which will allow businesses to send in proposals for emission-reduction projects and bid on government contracts that will be awarded based on the lowest-cost reductions in greenhouse gas emissions.