May 19: New Climate Change Law and Regulation Passed
Ontario passed climate change legislation that lays a foundation for the province to join the biggest carbon market in North America. Under the Climate Change Mitigation and Low-Carbon Economy Act, money raised from its cap and trade program will be deposited into a new Greenhouse Gas Reduction Account. It also released the related cap and trade regulation, which takes effect July 1, 2016, and includes detailed requirements for businesses participating in the program, including:
- GHG emission caps
- Entities covered by the program
- Auction and sale of allowances
- Distribution of allowances.