Toronto, ON — Bryan Purcell, VP Policy and Programs, made the following statement in response to the launch of Ontario’s new Clean Energy Credit Registry:
“Wednesday’s announcement of the launch of Ontario’s Clean Energy Credit Registry has the potential to attract clean energy investments and reduce carbon emissions from the electricity grid.
“While Ontario’s grid is still relatively clean, emissions are rising rapidly due to increasing use of natural gas generation. Based on current policies, grid emissions are projected to increase 260 per cent by 2040. The new Clean Energy Credit Registry could help mitigate this by generating funds for cleaner energy options, such as developing hydroelectric, wind, and solar projects.
“The Clean Energy Credit system as originally proposed would not have led to any emissions reductions. We commend the government for responding to stakeholder feedback, including from The Atmospheric Fund, and adding a requirement for all credit revenues earned by IESO or OPG to be reinvested in new clean energy infrastructure. While details on how the proposed Future Clean Electricity Fund will operate and what it will fund are still to come, this approach addresses a critical shortcoming of the original proposal. The requirement will generate new investments in clean energy that will reduce emissions while supporting long-term energy affordability.
“We look forward to engaging with the Ministry of Energy on further details of the program.”
ABOUT THE ATMOSPHERIC FUND
The Atmospheric Fund (TAF) is a regional climate agency that invests in low-carbon solutions for the Greater Toronto and Hamilton Area and helps scale them up for broad implementation. We are experienced leaders and collaborate with stakeholders in the private, public and non-profit sectors who have ideas and opportunities for reducing carbon emissions. Supported by endowment funds, we advance the most promising concepts by investing, providing grants, influencing policies and running programs. We’re particularly interested in ideas that offer benefits in addition to carbon reduction such as improving people’s health, creating local jobs, boosting urban resiliency, and contributing to a fair society. TAF is a proud member of the Low Carbon Cities Canada network.
Julie Leach, Senior Manager, Campaigns and Communications
Jleach@taf.ca | 416-393-6382