Cap-and-trade should be abandoned says PC Environment Critic

August 24, 2015.

From Queen's Park

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Ontario's PC Environment and Cap-and-Trade Critic, MPP Lisa Thompson is again calling on the Liberals to abandon their cap-and-trade scheme.

"California sold only 1.49% of its carbon credits at last weeks' auction," said Thompson.  "The Liberal government is setting Ontario up for failure by entering the province into California's oversupplied carbon market. This past week, the California government sold only $8.4 million worth of carbon allowances, in an auction that was intended to raise $563.5 million. This is the second time in a row that California's auction has flopped, after the government sold just 2% of its available carbon allowances in May."

 "This money was supposed to fund green programs in California, such as a high-speed rail project. Instead, California will have to find another source of funding to make up for the 98.5% shortfall from the August auction," added Thompson. "What will happen to Ontario taxpayers if future auctions fail to raise the $1.9 billion that the Liberals have already spent on their climate change action plan, money that the Wynne government claims will be raised through cap-and-trade revenues."

 What is even more troubling, according to Thompson, is that the people of Ontario have not supported Premier Wynne's cap-and-trade scheme to begin with.  A Forum poll published last week showed that a staggering 56% of Ontarians disapprove of the plan.  

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"The Liberal cap-and-trade scheme simply will not work and will fail Ontarians," says Thompson.  "The Liberals will be unable to raise money for their slush fund and all of their spending promises, and it is the people of Ontario who will have to bear the brunt of their bad policies. When will the Liberals listen to the market, and most importantly the people of Ontario, and scrap their ill-fated cap and trade scheme for good?"

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