Regulation - LGIC
Draft regulation establishing the Ontario Climate Change Solutions Deployment Corporation under the Development Corporations Act
Regulation Number(s):
NA
Instrument Type:
Regulation - LGIC
Bill or Act:
Development Corporations Act
Summary of Proposal:
In June 2016, Ontario released a Climate Change Action Plan setting out actions to help the province meet its 2020, 2030 and 2050 greenhouse gas emission (GHG) reduction targets and facilitate the province's transition to a prosperous low-carbon economy.
The Action Plan contemplated the creation of a new entity, drawing on best practices in other jurisdictions, to complement Ontario's cap and trade program by using a portion of proceeds to significantly increase deployment of low-carbon technologies that will help households, including low-income households, and small and medium enterprises reduce their carbon footprints. The same support will also be provided to industry.
To implement this action, the proposed regulation would establish the Ontario Climate Change Solutions Deployment Corporation, to be funded through the Greenhouse Gas Reduction Account in accordance with section 71 of the Climate Change Mitigation and Low-carbon Economy Act. The public-facing name of the corporation will be announced at a future date.
The corporation's activities would focus on reducing market barriers to deployment of low-carbon technologies, including through improved access to information, incentives, and strategic use of financial de-risking tools to encourage greater private sector investment, emphasizing fuel-switching, energy storage and deep energy retrofits.
The Action Plan contemplated the creation of a new entity, drawing on best practices in other jurisdictions, to complement Ontario's cap and trade program by using a portion of proceeds to significantly increase deployment of low-carbon technologies that will help households, including low-income households, and small and medium enterprises reduce their carbon footprints. The same support will also be provided to industry.
To implement this action, the proposed regulation would establish the Ontario Climate Change Solutions Deployment Corporation, to be funded through the Greenhouse Gas Reduction Account in accordance with section 71 of the Climate Change Mitigation and Low-carbon Economy Act. The public-facing name of the corporation will be announced at a future date.
The corporation's activities would focus on reducing market barriers to deployment of low-carbon technologies, including through improved access to information, incentives, and strategic use of financial de-risking tools to encourage greater private sector investment, emphasizing fuel-switching, energy storage and deep energy retrofits.
Further Information:
Link to Environmental Registry
Proposal Number:
16-MOE023
Posting Date:
December 15, 2016
Comments Due Date:
January 30, 2017