Business implications of Ontario’s climate action plan
Background: The government of Ontario is proposing to implement the Climate Change Mitigation and Low-Carbon Economy Act (the Bill). The Bill intends to establish a long-term framework for climate action. Amongst others, it provides a foundation for Ontario’s carbon cap and trade program and will provide support to achieve Ontario’s greenhouse gas (GHG) reduction targets of 37 percent below 1990 levels by 2030 and 80 percent by 2050. The carbon cap and trade program is expected to be in place by January 1, 2017.
In light of these changes the already existing Ontario Greenhouse Gas Emissions Reporting Regulation has been amended and these amended requirements will apply to calendar year 2016. Reporters will have until June 1, 2017 to submit their annual GHG report. Any required third party verifications are required to be completed by September 1, following the year-end.
Three questions to determine key implications for your business:
1. Does your company fall into one or more of the mandatory reporting requirements that are applicable now? Key pointers are if your company:
2. Does your company have an obligation to have the reported information verified by an accredited third party verifier? Key pointers are if your company:
3. Has your company prepared a strategic approach to the carbon cap and trade? The carbon cap and trade system will effectively transform GHG emissions reporting in Ontario from a disclosure focus to regulated emission targets, creating:
Carbon project validation and verification services:
1. Readiness assessment:
KPMG PRI facts and contact information: