Ford Guts Carbon Tax - Here Is How Much You Save On Gas

Doug Ford sworn in as premier of Ontario in Toronto Ont. on Friday

The government says it aims to reduce gasoline prices by 10 cents per litre and lower energy bills, scrapping the plan that forced large companies to buy allowances for their carbon emissions.

Ford says the province will nonetheless honour contracts and orders that have already been signed for projects funded by cap-and-trade, such as energy efficient insulation and window retrofits.

Cap and trade, a carbon tax by another name, raises prices on goods and services rather than the taxes on them.

It remains unclear how much exiting the cap-and-trade program will cost Ontario, which is part of a larger program with Quebec and California, and what will happen with the almost $3 billion in credits that companies have already purchased.

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Some special offers such as discounts on energy-efficient renovations, for example, discount GreenON, which was also funded through a program of quotas, ceased its operation before joining Ford in the post last week.

The government said it would immediately start an orderly wind-down of all programs funded out of cap-and-trade carbon tax revenues. And the payments will depend on the results of an upcoming value-for-money audit of government spending. Keith Brooks, program director for the advocacy group Environmental Defence told Castanet Ford must first revoke or amend the regulation.

A news release by the Ontario government confirms the end of the Ontario cap-and-trade program.

In an official statement by the Government of Ontario this morning, Premier Doug Ford announced that he plans to go through with the initial promises that he made during his campaign to "put money back in people's pockets". A spokesman for Ford said the ministers' offices are not now staffed and requests for comment should go to the premier's office. Currently, the government's website does not list contact information for the newly appointed minister of the environment or any other cabinet members.

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