The Ontario government plans to create an agency to facilitate investment in climate initiatives. Previously called “The Green Bank,” the new agency will be central to implementing Ontario’s Climate Change Action Plan. On December 15, the government posted a formal proposal on the Environmental Registry for a regulation establishing a Climate Change Solutions Deployment Corporation to assist with its greenhouse gas reduction plan.
In June 2016, Ontario’s Climate Change Action Plan set out actions to help the province meet its 2020, 2030 and 2050 greenhouse gas emission (GHG) reduction targets and to “facilitate the province's transition to a prosperous low-carbon economy.” The Action Plan included the creation of a new entity, “drawing on best practices in other jurisdictions,” to complement Ontario's cap and trade program by using a portion of proceeds to significantly increase deployment of low-carbon technologies that will help residential consumers and small and medium enterprises reduce their carbon footprints. The same kind of support will also be provided to industry, the government says.
To move plans into action, the proposed regulation would establish the Ontario Climate Change Solutions Deployment Corporation, to be funded through the Greenhouse Gas Reduction Account in accordance with section 71 of the Climate Change Mitigation and Low-carbon Economy Act. The public-facing name of the corporation will be announced at a future date.
The corporation's activities would focus on reducing market barriers to deployment of low-carbon technologies, including through improved access to information, incentives, and strategic use of financial de-risking tools to encourage greater private sector investment, emphasizing fuel-switching, energy storage and deep energy retrofits.
See also “Summary of Ontario's Climate Change Action Plan,” IPPSO FACTO, August 2016, and Environmental Registry Proposal Number: 16-MOE023 Link