Quebec, Ontario sign historic climate pact
RHÉAL SÉGUIN AND KAREN HOWLETT, Globe and Mail
QUEBEC — A cap-and-trade system aimed at fighting global warming could be up and running in Canada’s two largest provinces as early as January 2010 under an accord signed today by the Ontario and Quebec governments.
The agreement signed Monday commits both provinces to work with other jurisdictions to design a regional market that will set limits on greenhouse gas emissions and introduce a credit system whereby companies that exceed their limits would pay a fee to those that come under the cap – essentially trading cash for credits earned by their competitors.
The accord followed a historic joint cabinet meeting that sent the clearest signal yet the country’s two most populous provinces have forged a new central Canadian political alliance.
Premiers Dalton McGuinty and Jean Charest suggested Monday that the federal government will have no choice but to follow their lead.
