Media Release: Hamilton Chamber of Commerce Urges Province to Design Cap and Trade System in a Way That Protects Jobs, Economy activity, and Reduces GHGs

· by Huzaifa Saeed

Hamilton, ON, Sept. 29, 2015 – Today, Hamilton Chamber of Commerce in partnership with the Ontario Chamber of Commerce (OCC) released a report in response to the government’s decision to implement a province-wide cap and trade system. With this decision, Ontario is joining a growing number of jurisdictions who are taking action to address climate change, including large emitters like China and the United States.

The report, Clean Profits: Cap and Trade in Ontario, highlights seven key recommendations that government should address throughout the development and implementation process of the cap and trade system. Adopting these recommendations will help to maximize the environmental and economic benefits of the system while minimizing the cost on business.

“Ontario’s business community understands the need to address climate change,” said Allan O’Dette, President and CEO of the OCC. “If designed correctly, the government’s proposed cap and trade system could present significant opportunities for Ontario and make us a more competitive jurisdiction. If designed poorly, however, it could lead to negative outcomes; hurting jobs, the economy, and even our environment.”

To inform this report, the OCC worked with employers of all sizes and across major sectors of the economy, many of whom have practical experience in other jurisdictions that currently employ carbon pricing policies. Based on this consultative process, the report identifies a set of common recommendations regarding the proposed system, including around system design.

The report’s recommendations include:

  • Conduct and publicly release the results of an economic analysis of the proposed cap and trade system;
  • Direct cap and trade revenue to efforts that directly facilitate businesses’ transition to a lower carbon economy
  • Ensure that the structural realities of Ontario’s economy are reflected in the design of the system; and
  • Develop an objective and transparent set of criteria to determine eligibility and allocation of free allowances for certain sectors.

“It is important that local businesses have the opportunity to work with the provincial government in order to get the design of this system right,” said Keanin Loomis, President & CEO, Hamilton Chamber of Commerce. “That is why, as the government moves forward, there needs to  be an appreciation of the economic context in which our local businesses operate. We would be happy to facilitate that”

The OCC and Hamilton Chamber of Commerce encourage the provincial government to continue engagement with all members of the business community throughout the system’s development. By working with businesses to address challenges outlined in this report, the provincial government will be able to achieve its environmental goals while improving the growth and prosperity of Ontario’s economy.

Established in 1845, the Hamilton Chamber of Commerce is the definitive “Voice of Hamilton Business”. Representing over 1000 members and 75,000 employees, it champions the interests of ethical, free enterprise by effectively engaging business, community, and government leaders in the promotion of the long-term economic prosperity of our region.

Click here: Clean Profits: Cap and Trade in Ontario to download the report.

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For more information please contact:

Huzaifa Saeed| Policy & Research Analyst| Hamilton Chamber of Commerce | e: h.saeed@hamiltonchamber.ca | t: 905-522-1151 ext: 230