Eli Ridder | Report
Premier-designate Doug Ford announced on Friday that his first act at Queen’s Park will be to scrap Ontario’s cap-and-trade program, a campaign promise tied with cutting gasoline prices by 10 cents per litre.
“I promised that we would make life more affordable in Ontario. I promised we would reduce gas prices and respect your hard-earned money,” Mr. Ford told gathered reporters during a press conference outside the legislature in Toronto.
The former Toronto city councillor was elected as his Progressive Conservative Party swept into power on June 7 in a landslide majority and aims to also cut government spending by at least $6 billion and reduce middle class taxes.
Cap-and-trade accounted for some $1.9 billion in revenue in 2017 while the fuel tax brought in $2.7 billion, according to CBC News, with the money dropped into carbon-reducing programs and adjust businesses turn to a carbon-progressive economy.
The objective of the program is to lower harmful greenhouse gases by setting limits on pollution-emmiters, and those that go over must purchase further pollutant allowances at auction or from other commercial entities, according to Ontario.
More details to follow. Image of Doug Ford from the Toronto Star.