Cap and Trade Cancellation Act, 2018

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Sections26

• [s0]

  General

• 1Interpretation

  1 (1) In this Act, “cap and trade accounts” means, in relation to a participant, the cap and trade accounts that were established under the Climate Change Mitigation and Low-carbon Economy Act, 2016 for the participant; (“comptes du programme de plafonnement et d’échange”) “cap and trade instrument” means an instrument described in subsection (2); (“instrument du programme de plafonnement et d’échange”) “CO2e” means, when used in reference to a quantity of greenhouse gas, the equivalent quantity of carbon dioxide, calculated in accordance with the regulations; (“éq. CO2”) “greenhouse gas” means a prescribed greenhouse gas; (“gaz à effet de serre”) “Minister” means the Minister of the Environment, Conservation and Parks or such other member of the Executive Council as may be assigned the administration of this Act under the Executive Council Act; (“ministre”) “participant” means a person …

• 2Attribution of emissions

  2 (1) For the purposes of this Act, the amount of all greenhouse gas emissions attributed to a participant is the amount prescribed by the regulations or determined in accordance with the regulations. Same (2) Despite subsection (1), in prescribed circumstances the amount of greenhouse gas emissions shall be determined by the Minister in accordance with the regulations. Opportunity to be heard (3) If the Minister proposes to determine the amount of greenhouse gas emissions to be attributed to a participant, the Minister shall give the participant notice of the proposal in accordance with the regulations and shall, in accordance with the regulations, give the participant an opportunity to be heard. Equivalence in CO2e (4) Each cap and trade instrument is equivalent to one tonne of CO2e or such other amount of CO2e as may be prescribed.

• [s3]
• 3Repealed

  3 Repealed: 2025, c. 15, Sched. 1, s. 1. Section Amendments with date in force (d/m/y) 2025, c. 15, Sched. 1, s. 1 - 27/11/2025

• 4Repealed

  4 Repealed: 2025, c. 15, Sched. 1, s. 1. Section Amendments with date in force (d/m/y) 2020, c. 18, Sched. 6, s. 45 - 22/02/2024 2025, c. 15, Sched. 1, s. 1 - 27/11/2025

• 5Repealed

  5 Repealed: 2025, c. 15, Sched. 1, s. 1. Section Amendments with date in force (d/m/y) 2025, c. 15, Sched. 1, s. 1 - 27/11/2025

• [s6]

  Cap and Trade Instruments Retirement of eligible instruments

• [s7]
• 6Eligible instrument

  6 (1) In this section, “eligible instrument” means a cap and trade instrument that, (a) was held in the cap and trade accounts of a participant on July 3, 2018, and (b) is not classified with or assigned a vintage year of 2021. Retirement (2) Eligible instruments of a participant are retired as follows: 1. If the number of eligible instruments of the participant is equal to or greater than that aggregate amount of all greenhouse gas emissions attributed to the participant in respect of the prescribed time period, the number of eligible instruments equivalent to that aggregate amount shall be retired. 2. If the number of eligible instruments of the participant is less than the aggregate amount of all greenhouse gas emissions attributed to the participant in respect of the prescribed time period, all of the eligible instruments shall be retired.

• 7Cancellation of instruments

  7 The following cap and trade instruments are cancelled: 1. All cap and trade instruments held in the cap and trade accounts of participants on July 3, 2018, other than any number of cap and trade instruments in the accounts that are retired under section 6. 2. All cap and trade instruments that were created under the Climate Change Mitigation and Low-carbon Economy Act, 2016 and were never distributed.

• [s9]

  Compensation in Respect of Cap and Trade Instruments

• [s10]
• 8Compensation to participant

  8 (1) The Crown shall pay compensation, out of money appropriated under section 11 or money otherwise appropriated for such purposes by the Legislature, to a participant in accordance with this section and the regulations. Emissions to be expressed as equivalent number of cap and trade instruments (2) For the purposes of applying this section, the number of tonnes of greenhouse gas emissions shall be expressed as the equivalent number of cap and trade instruments, as determined in accordance with subsection 2 (4). If instruments distributed free of charge do not exceed aggregate emissions (3) If the number of instruments that were distributed free of charge to the participant under the Climate Change Mitigation and Low-carbon Economy Act, 2016 is equal to or less than the aggregate amount of all greenhouse gas emissions attributed to the participant in respect of the prescribed time peri…

• [s11]

  General

• [s12]
• 9No compensation

  9 Except as set out in section 8, no person is entitled to any compensation or damages in respect of the value of cap and trade instruments retired or cancelled under this Act or for any other loss, including loss of revenues or loss of profits, related, directly or indirectly, to the enactment of this Act, the making or revocation of any regulation under this Act, the repeal of the Climate Change Mitigation and Low-carbon Economy Act, 2016 or the making or revocation of any regulation under that Act.

• 10No cause of action

  10 (1) No cause of action arises against the Crown or any current or former member of the Executive Council or any current or former employee or agent of or advisor to the Crown as a direct or indirect result of, (a) the enactment, operation, administration or repeal of any provision of this Act or the enactment, operation, administration or repeal of the Climate Change Mitigation and Low-carbon Economy Act, 2016; (b) the making or revocation of any provision of a regulation made under this Act or made under the Climate Change Mitigation and Low-carbon Economy Act, 2016; (c) anything done in accordance with or under this Act or a regulation made under this Act or anything not done in accordance with this Act or a regulation made under this Act, including any decision related to participants’ eligibility to receive compensation or the amount of such compensation; (d) the retirement or can…

• 11Continuation of account

  11 (1) The account established in the Public Accounts under subsection 71 (1) of the Climate Change Mitigation and Low-carbon Economy Act, 2016 is continued, to be known as the Cap and Trade Wind Down Account in English and compte de liquidation du programme de plafonnement et d’échange in French, in which shall be recorded the following amounts: 1. The amount of the balance in the account immediately before this subsection comes into force. 2. All expenditures of public money incurred under subsection (2). Authorized expenditures (2) Amounts not exceeding the balance in the account may be charged to the Cap and Trade Wind Down Account and paid out of the Consolidated Revenue Fund for the following purposes: 1. To fund costs incurred by the Crown, directly or indirectly, in connection with the administration of this Act and the regulations. 2. To fund costs incurred by the Crown, directl…

• 12Non-application of Financial Administration Act

  12 Subsection 16.0.1 (3) of the Financial Administration Act does not apply in respect of a refund or repayment of an expenditure or advance charged to a statutory appropriation in, (a) subsection 11 (2); or (b) subsection 71 (2) of the Climate Change Mitigation and Low-carbon Economy Act, 2016.

• 13Existing aboriginal or treaty rights

  13 For greater certainty, nothing in this Act shall be construed so as to abrogate or derogate from the protection provided for the existing aboriginal and treaty rights of the aboriginal peoples of Canada as recognized and affirmed in section 35 of the Constitution Act, 1982.

• 14Delegation by Minister

  14 The Minister may delegate any of the Minister’s powers or duties under this Act to a public servant appointed under Part III of the Public Service of Ontario Act, 2006, and may impose restrictions with respect to the delegation.

• 15Regulations, general

  15 (1) The Lieutenant Governor in Council may make regulations, (a) governing anything that is required or permitted to be prescribed or that is required or permitted to be done by, or in accordance with, the regulations or as authorized, specified or provided in the regulations; (b) defining, for the purposes of a regulation, words and expressions used in this Act that are not defined in the Act; (c) providing for such other matters as the Lieutenant Governor in Council considers advisable to carry out the purpose of this Act. Regulations, compensation (2) The Lieutenant Governor in Council may make regulations governing compensation required to be paid to participants under section 8, including but not limited to the following: 1. Prescribing the amount of compensation to be paid to a participant or class of participants in respect of each cap and trade instrument, which may include pr…

• 16

  16 Omitted (amends, repeals or revokes other legislation).

• 17

  17 Omitted (provides for coming into force of provisions of this Act).

• 18

  18 Omitted (enacts short title of this Act). ______________