Ontario’s recently announced aggressive new reduction targets are set within Canada’s patchwork of greenhouse gas emissions reduction schemes. Ontario has yet to reveal how it will meet its new GHG reduction targets, although the province is clear about its intention to implement a new GHG reduction program to reach its goals. According to the United Nations Intergovernmental Panel on Climate Change (IPCC)’s newly released Fifth Assessment Report (AR5), tackling climate change need only trim economic growth rates by a tiny fraction, and may actually improve growth by providing other benefits, such as cutting health-damaging air pollution. AR5 also states that both regional and national actions are required to address climate change.
The path Ontario chooses to meet its GHG reduction targets will have significant impacts on business in the province. On a national scale, however, greater convergence among provincial and federal systems is necessary to ensure that GHG reduction initiatives are better met in the long run.
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