Ford to officially wind down green programs funded through cap-and

Ford to officially wind down green programs funded through cap-and

Ford said the province will nonetheless honour contracts and orders that have already been signed for projects funded by cap and trade, such as energy efficient insulation and window retrofits. "I promised that the party with taxpayers' dollars was over and that this would include scrapping the cap-and-trade carbon tax slush fund".

It remains unclear how much exiting the cap-and-trade program will cost Ontario, which is part of a larger program with Quebec and California, and what will happen with the almost $3 billion in credits that companies have already purchased.

Premier Ford has said his planned 10-cent gas price cut will come courtesy of a almost five-cent reduction in provincial fuel tax, while the balance would be one of the results of eliminating the cap-and-trade program.

Some special offers such as discounts on energy-efficient renovations, for example, discount GreenON, which was also funded through a program of quotas, ceased its operation before joining Ford in the post last week.

The government's press release states that it may continue to fund "specific initiatives" out of general tax revenue, but the decisions on which ones it will keep will be "made on a case-by-case basis". To be exact, Ford promises to cut gas costs by 10 cents a litre.

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"The cancellation of cap-and-trade is a bad idea for many reasons", said Environmental Defence's Keith Brooks in a statement.

Ford's office did not immediately respond to a request for comment Tuesday but the premier said in the statement that he believes scrapping cap and trade will put money back in Ontarians' pockets.

Michael Berends, managing director at Toronto-based cap-and-trade advisers ClearBlue Markets, said the pace of the government's move leaves many unanswered questions.

However, there's no indication of what the new government plans to do to curb skyrocketing ticket prices on resale websites.

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