Statement from Environmental Defence’s Programs Director Keith Brooks in response to Ontario’s Financial Accountability Office’s report on the costs of cancelling cap-and-trade

Toronto, Ont. – Today’s report from Ontario’s Financial Accountability Office shows that the swift cancellation of cap-and-trade, done without any supporting analysis, is not only a blow to the environment, and to Ontario businesses, schools, and homeowners, but is also a three billion dollar blow to Ontario’s balance sheet.

This is exactly the analysis the province should have had in hand before the government moved to cancel cap-and-trade and the many programs it funded. Schools are now without assistance to upgrade their buildings, municipalities without resources to repair social housing, homeowners without incentives to retrofit their homes, and the government itself is also out of pocket.

This report couldn’t be more timely. The Cap-and-Trade Cancellation Act has not yet been passed. In light of this analysis, we urge the government to heed the evidence and rethink their move to abandon this program.

Last week’s report from the International Panel on Climate Change (IPCC) shows that, rather than delaying action or weakening our response to climate change, we need to be doing more to reduce greenhouse gas emissions. Ontario insists that they will release a new plan to fight climate change. We need a plan that will be as effective, if not even more effective, than the previous plan.

About ENVIRONMENTAL DEFENCE (www.environmentaldefence.ca): Environmental Defence is Canada’s most effective environmental action organization. We challenge and inspire change in government, business and people to ensure a greener, healthier and prosperous life for all.

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For more information or to arrange an interview, please contact: Allen Braude, Environmental Defence; 416-356-2587; abraude@environmentaldefence.ca