Toronto, December 6, 2017 – The Cement Association of Canada (CAC) congratulates the Ontario government on its fourth and final cap and trade auction before formally linking with California and Quebec in the new year. The province raised an additional $422,081,073, bringing total proceeds from the system to date to almost $2 billion. The proceeds are to be reinvested into initiatives that will further reduce greenhouse gas emissions.
“Our industry believes that cap and trade systems are the most effective means of delivering real environmental results while putting a price on carbon. We also believe that cap and trade systems offer governments the most flexibility to address competitiveness concerns for Energy Intensive Trade Exposed (EITEs) sectors like cement. This is a system that is working,” says Michael McSweeney, President and CEO of the Cement Association of Canada.
“We are pleased by the steps the Ontario government has committed to take to recycle auction revenues to help EITE sectors like cement accelerate their transition to lower carbon technologies, including lower carbon fuels,” he adds.
A robust cap and trade market is an important mechanism for making the transition to a more competitive, low-carbon economy. Linkage with California and Quebec is also an important feature of the Ontario system: the broader the market, the more likely it will be that price will reflect the true incremental cost of reducing emissions. Emissions in Quebec and California are declining while their economies are growing. Their carbon markets are reflecting the relative supply and demand as caps are tightened and Ontario’s is anticipated to follow a similar path.
The Cement Association of Canada
The Cement Association of Canada (CAC) is the voice of Canada’s cement manufacturers. The industry provides a reliable, domestic supply of cement required to build Canada’s communities and critical infrastructure. The CAC and its members are committed to the environmentally responsible manufacturing of cement and concrete products. In Ontario, the CAC’s members are CRH Canada Group, Federal White Cement Ltd., Lafarge Canada Inc., Lehigh Hanson Canada and St Marys Cement – A Votorantim Cimentos Company. The cement and concrete industry contributes to 50,000 direct and indirect jobs across the province, generates over $6 billion in economic activity and supports a $37 billion construction industry.
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