KAWARTHA LAKES-Ontario is launching a clean energy credit (CEC) registry that it claims will help businesses meet their environmental and sustainability goals.
According to government officials, proceeds from the sale of CECs will help keep costs down for electricity ratepayers and fund the construction of clean electricity projects in Ontario through a newly created Future Clean Electricity Fund. This fund will help build Ontario’s clean energy advantage as the province competes for and attracts new investments in electric vehicle and battery manufacturing, clean steel, and other sectors, while continuing to build its clean economy.
“Clean energy has become an economic imperative as companies around the world want to invest in jurisdictions with affordable, reliable and clean energy. Our clean energy credit registry will help us compete and attract more major investments in Ontario’s economy,” said Todd Smith, Minister of Energy. “Ontario families have done the heavy-lifting and built one of the cleanest electricity grids in the world, and now we can leverage that clean supply to reduce the cost of new clean generation through our Future Clean Electricity Fund.”
CEC registry provides businesses with a tool to meet environmental and sustainability goals by demonstrating that their electricity has been sourced from clean resources, such as nuclear power, hydroelectric, wind, solar, and bioenergy.
The registry will be administered by the Independent Electricity System Operator (IESO).
“The clean energy credit registry is part of our government’s clean energy advantage that is boosting competitiveness and attracting investments and jobs right here in Ontario”, said Peter Bethlenfalvy, Minister of Finance. “Our government has the right plan to build an Ontario that will continue to have a resilient economy. We are supporting families, workers and businesses today, while building a strong fiscal foundation for the future.”
Proceeds from the sale of CECs held by the IESO and Ontario Power Generation (OPG) will be directed to the government’s Future Clean Electricity Fund.
“Our government is leaving no stone unturned when it comes to building a strong Ontario and attracting investments that will create more opportunities today and in the future,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “The clean energy credit registry and Future Clean Electricity Fund are important tools that will further strengthen Ontario’s competitiveness so that we can compete for, and win, global investments.”
Last year the government says it accelerated the development of five new transmission lines in Southwest Ontario that will power the new Stellantis–LGES battery plant, the growing greenhouse sector and other job creators. Volkswagen’s recent investment, siting their first overseas gigafactory in Ontario, the company noted its local supply of raw materials and wide access to clean electricity as key conditions for their investment, illustrating Ontario’s commitment to meet emerging energy needs.
The CEC registry and Future Clean Electricity Fund build on Ontario’s recent actions to meet emerging energy needs and ensure a reliable, affordable clean electricity supply, including: competitively procuring 4,000 MW of new generation and storage resources, introducing new and enhanced energy efficiency programs, supporting OPG’s continued safe operation of Picking Nuclear Generating Station, and building Canada’s first grid-scale Small-Modular Reactor.