Struggling cap-and-trade auctions threaten Ontario’s $8B climate plan
Ottawa Citizen

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By Brian Platt, Ottawa Citizen, August 23, 2016

The cap-and-trade program Ontario’s set to join next year is having big trouble in California and Quebec, and it could mean Ontario’s much-heralded $8.3-billion Climate Change Action Plan has far less money to spend in reality.

For the second time in a row, a joint cap-and-trade auction held by California and Quebec has failed to sell most of the emissions allowances on offer. It leaves the two governments hundreds of millions of dollars short on revenue projections, and nobody can say for certain why the auctions are failing.