TORONTO — Ontario companies can now purchase "credits" to indicate their commitment to green electricity, and the province says proceeds will go into a fund to support the development of new clean energy projects.
The government announced last year that it was creating a Clean Energy Credit Registry – it said today that Ontario Power Generation is now selling the credits, while the Independent Electricity System Operator will start offering them in the summer.
Energy Minister Todd Smith says the registry and its credits allow businesses to showcase their commitment to clean energy, which will help make Ontario competitive as companies around the world look to invest in jurisdictions with a green electricity system.
Ontario's electricity system is 90 per cent emissions free, down recently from 94 per cent as the province relies more on natural gas generation to address rising electricity demand and a looming supply crunch.
The government says businesses will be able to buy clean energy credits specifically from nuclear, wind, solar, hydro and bioenergy generation.
Ontario expects sales in the first year of the registry to generate $8 million for the Future Clean Electricity Fund, but hopes that amount will rise in subsequent years.
This report by The Canadian Press was first published March 29, 2023.
The Canadian Press