Ontario's official debut on the carbon market
January 3, 2018 - Press releases
Montréal, January 3, 2017 – Énergir, the new Gaz Métro, applauds Ontario’s official entry into the carbon market, took place on January 1. Initially formed of Québec and California, Ontario’s entry strengthen what is the largest market of its kind in North America. The three parties signed an agreement on the harmonization of the cap-and-trade system which allow business in Ontario to participate in carbon market trading and to continue their transition toward a lower-carbon economy.
“In order to reach the greenhouse gas (GHG) emission reduction objectives in Québec, we must first encourage citizens and businesses to reduce their energy consumption through properly adapted energy efficiency programs. Beyond that, GHG residual emissions must be reduced or offset in a variety of ways, including through the carbon market. We are delighted to see a third major player join us in this effort. The carbon market and the fight against climate change are opportunities for Québec, California, and now Ontario to move toward a greener economy, and we are proud to be a part of it,” said Stéphanie Trudeau, Senior Vice President, Regulatory, Customers and Communities at Énergir.
Ontario’s formally participation in the carbon market is an opportunity to support local GHG emission reduction projects, including through the purchase of offset credits. In Québec alone, Énergir has bought over $7.5 million in eight offset credit projects since January 2015, which has allowed it to encourage Québec businesses that strive to reduce GHG emissions. These projects have made it possible to permanently reduce greenhouse gas emissions by more than 500,000 metric tonnes of CO2 equivalent by eliminating GHGs found in old refrigerators and biogas from landfills. Énergir is committed to prioritizing offset purchase in innovative projects that help fight climate change and that stimulate Québec’s green economy, and now that of Ontario as well.
With more than $7 billion in assets, Énergir is a diversified energy company whose mission is to meet the energy needs of its 520,000 customers and the communities it serves in an increasingly sustainable way. In Québec, it is the leading natural gas distribution company and also produces, through its subsidiaries, electricity from wind power. In the United States, through its subsidiaries, the company operates in nearly fifteen states, where it produces electricity from hydraulic, wind and solar sources, in addition to being the leading electricity distributor and the sole natural gas distributor in Vermont. Énergir values energy efficiency and invests both resources and efforts in innovative energy projects such as renewable natural gas and liquefied and compressed natural gas. Through its subsidiaries, it also provides a variety of energy services. Énergir hopes to become the partner of choice for those striving toward a better energy future.
Advisor, Public Affairs and Communications