Ontario has already built one of the world’s cleanest energy grids, which was 94% emissions-free in 2020. To leverage this, the provincial government recently launched a voluntary clean energy credit program to boost economic development, attract new investment and encourage job creation.
How Does the Ontario Clean Energy Registry Work?
This new initiative enables business leaders to purchase certificates for each megawatt-hour of electricity they generate from an environmentally sustainable source, including solar, wind, bioenergy, hydroelectric and nuclear power.
By voluntarily participating, companies can meet their corporate sustainability goals and prove they are getting their power from a non-emitting resource. Purchasers can source clean energy credits from one or multiple generators in Ontario to meet their individual or corporate goals.
Developing a Clean Energy Credit Registry
The next step in the program’s growth is the creation of a CEC registry to simplify the creation, trading and retirement of user-earned credits. Currently, there is no official centralized record of clean electricity generation and use in Ontario, though several U.S. states have successfully introduced these.
A CEC registry could support future sustainability efforts in Ontario by returning funds raised through clean energy credits to utility customers throughout the province. The Ontario government has directed the Independent Electricity System Operator to research the feasibility of implementing one by July 4. Government officials will evaluate their findings alongside stakeholder input, with the goal of having the registry available by January 2023.
“A voluntary clean energy credit market could be a key tool to help Ontario electricity customers realize their clean energy preferences,” said Lesley Gallinger, president and CEO of the Independent Electricity System Operator. “We will engage with industry stakeholders, businesses and others as we assess options for a potential market.”
Meeting Canada’s Ambitious Sustainability Goals
The Ontario Clean Energy Registry represents another milestone on the nationwide path to achieving net-zero emissions by 2050. Last July, Canada committed to cutting its greenhouse gas emissions by 40 to 45% below 2005 levels by 2030. The subsequent passage of the Canadian Net-Zero Emissions Accountability Act codified this target into law.
While the country still has significant untapped potential with sustainable resources – especially solar and wind energy – leveraging it will require government leaders to set realistic targets and incentivize more property owners to buy in.
Climate change is a crisis affecting all life on our planet, and it will take a concerted national and global effort to confront the emergency. There has never been a better time to invest in renewable energy. Installing solar panels on your property can help you achieve more energy independence, save you money on your utility bills and may qualify you to receive government rebates. Learn more about these advantages by requesting a quote today.
