For Immediate Release:
Tuesday, December 20, 2016
Kitchener, ON – Today, twenty Chambers across Ontario called for a deferral of the Ontario Government’s Cap and Trade program scheduled to be implemented on January 1, 2017, citing high costs of the program layered on top of skyrocketing electricity prices, lack of sector economic impact analysis and a change in policy direction from the United States.
In Ontario, since 2004, electricity prices have increased by 383 percent, from a flat rate of 4.7 cents a kilowatt hour to 18 cents a kilowatt hour at peak times. The introduction of the cap and trade system will add further charges on natural gas, gasoline and diesel fuel that will impact all residents and businesses across Ontario.
“Businesses are already struggling with escalating costs from government and our Chamber is extremely concerned about the impacts of these additional charges on jobs and the economy,” noted Ian McLean, President & CEO of the Greater Kitchener Waterloo Chamber of Commerce. “We have already lost investment to other jurisdictions due to high electricity prices, and additional costs from cap and trade will make us less competitive.”
The provincial business sector has not received an economic impact analysis and given that President- Elect Trump and a vast majority of states seem unlikely to participate in any cap and trade programs, twenty Chambers across Ontario request that the Ontario government delay the implementation of the provincial cap and trade program for at least one year.
For further information contact:
Ian McLean
President & CEO
Greater Kitchener Waterloo Chamber of Commerce (519) 749-6038
imclean@greaterkwchamber.com
