If there is one way to cut down on greenhouses gases, put a price on it. At least that's what the Ontario, Canada's environment minister decided to introduce on Tuesday to help the province transition to a "low carbon economy," according to the Huffington Post.
What is said to be a deliverance on a "seven-year-old promise to fight climate change," Ontario's goal is to reduce its GHG emissions by 80 percent by 2050."
“We’re looking at how we can transition Ontario to a low carbon economy through initiatives such as setting a price on carbon, the adoption of cleaner fuel standards, energy efficiency and conservation measures,” Glen Murray said in an email to Huffington Post Canada.
In order to move forward with this new strategy, Ontario will introduce carbon pricing—a method that charges for the emittance of carbon dioxide into the atmosphere. Carbon pricing charges both corporations and consumers for their emissions through trading systems, taxes or payments for the reduction of emissions. While has yet to confirm the system they will be using, the Liberal government said it will make a decision later in the year.
“Market mechanisms which encourage technological innovation can facilitate the transition to a low carbon economy and promote economic development and job creation not only in Ontario, but across Canada,” Murray said.
The Western Climate Initiative agreement, which was signed back in 2008 between California, British Columbia and Quebec, forced Ontario to focus on the elimination of coal-fired power plants and a carbon pricing strategy to lower carbon emissions and help fight climate change.
Ontario will soon join "40 national and 20 sub-national jurisdictions around the world" to have or are working to implement a carbon pricing system.