The California Cap-and-Trade Program and Québec Cap-and-Trade System are now officially linked with the Ontario Cap-and-Trade Program. This allows the mutual acceptance of compliance instruments issued by each jurisdiction, and the jurisdictions to hold joint auctions of greenhouse gas (GHG) allowances.
All three jurisdictions say they are confident that this successful relationship and its fight against climate change will encourage and motivate more jurisdictions in North America and around the world to follow their example.
“This auction marks the beginning of a new chapter in the global fight against climate change. California, Quebec, and now Ontario, three ‘sub-nationals’ with a population of 61million and a combined GDP that makes it the fourth largest economy on the planet, have successfully linked their programs to slash climate-changing gases to meet ambitious climate goals. This is another example of forward-looking provinces, states and regions taking effective steps today to address the looming danger of climate change,” said Mary D. Nichols, Chair, California Air Resources Board.
As part of the California’s Cap-and-Trade Program, Québec Cap-and-Trade System, and Ontario Cap-and-Trade Program, the California Air Resources Board (CARB), Québec’s Ministry of Sustainable Development, Environment and the Fight against Climate Change (MDDELCC), and Ontario’s Ministry of the Environment and Climate Change (MOECC), will hold joint GHG allowance auctions to allow market participants to acquire GHG allowances.