News Release

For immediate release
June 3, 2009

Ontario Joins International Carbon Action Partnership
McGuinty Government Takes Another Step Towards A Cap-and-Trade System

NEWS

Ontario has joined the International Carbon Action Partnership (ICAP), bringing it one step closer to a harmonized international approach to cap and trade.

Joining ICAP complements the province’s action plan to reduce greenhouse gases and transform Ontario’s economy and supports proposed cap-and-trade legislation currently being considered by the Legislature.

If passed, the proposed bill would enable Ontario to link to other North American and international cap-and-trade systems. Linked systems provide maximum trading opportunities and reduced costs for companies participating in a cap-and-trade system.

ICAP is a group of countries and regions that support carbon trading and are actively developing or have developed cap-and-trade systems. ICAP facilitates the linking of established and emerging cap-and-trade programs by promoting consistent regulatory frameworks across national borders. 

QUOTES

“This is a positive development as we move forward on a cap-and-trade system for Ontario.  ICAP’s goal is to help current and emerging cap-and-trade systems develop so that they can link with other systems around the world.  Our membership in ICAP will complement the work we’re doing with British Columbia, Quebec and other jurisdictions in the Western Climate Initiative.”
-- John Gerretsen, Ontario Environment Minister

“As chair of ICAP, the Government of British Columbia commends the Ontario government on this important step. ICAP helps members share their knowledge and insight, which will be needed in developing effective and compatible carbon markets. British Columbia has already benefited from this strategic partnership and I expect Ontario will as well."
-- Barry Penner, British Columbia Environment Minister

QUICK FACTS

• ICAP, established in 2007, brings together members and regions to share best practices and experiences around cap-and-trade development.
• ICAP includes members from the European Union, Western Climate Initiative (WCI), Regional Greenhouse Gas Initiative (RGGI), and Australia, New Zealand and Norway.  Japan and Ukraine are observers. 
• Ontario’s Climate Change Action Plan calls for reducing greenhouse gases by 6 per cent from 1990 levels by 2014 and 15 per cent by 2020.

LEARN MORE

About ICAP

About Ontario’s approach to cap and trade

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Contacts:	Contact information for the general public:
John Karapita, Minister’s Office, 416-314-6736 Kate Jordan, Ministry of the Environment, 416-314-6666	416-325-4000 or 1-800-565-4923/ www.ontario.ca/environment

 

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