TORONTO - A new report says Ontario's first year of carbon pricing went well but more work is needed if the province wants to meet its long-term goals for reducing greenhouse gas emissions.
The report by Ontario's environmental commissioner says the government needs a better plan for spending the funds brought in by the cap-and-trade system, which amounted to close to $2 billion last year.
It also says some government ministries need to make more of an effort to consider climate change in their decision-making and spending.
The cap-and-trade system, which was launched last year, aims to lower greenhouse gas emissions by putting caps on the amount of pollution companies in certain industries can emit.
If they exceed those limits they must buy allowances at quarterly auctions or from other companies that come in under their limits.
The cap declines about four per cent each year to 2020 and then roughly 2.9 per cent each year afterwards to 2030.
