TORONTO – Ontario is leveraging its world-class clean electricity grid by launching a clean energy credit (CEC) registry that will boost competitiveness and attract jobs, by helping businesses meet their environmental and sustainability goals. 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.”
A 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, administered by the Independent Electricity System Operator (IESO), adds to the growing list of factors that make Ontario a top destination for all types of investment, including the province’s well-trained workforce, tax credits, and an exemplary research and development ecosystem.
“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. This new fund will help keep costs down for electricity ratepayers by supporting the development of new clean energy projects as the province builds out our grid to meet the demands of a growing population and economy, as well as the electrification of transportation and industry. The Future Clean Electricity Fund will help to preserve and grow the province’s clean energy advantage.
“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.”
Access to clean energy is critical input for businesses making investment decisions. Last year the government 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.
Today Minister @PBethlenfalvy and I announced the launch of Ontario’s Clean Energy Credit Registry.
This new option for businesses will help us compete for investments & jobs of the future and help fund the clean #electricity projects we need to power our growing economy!??⚡ pic.twitter.com/rIyaSBBoLP
— Todd Smith (@ToddSmithPC) March 29, 2023
Quick Facts
- Prior to the creation of Ontario’s registry, there was no official centralized registry that tracked and enabled purchase of CECs for electricity generated and consumed in the province. The registry will simplify the creation, trading, and retirement of CECs in Ontario.
- Competing jurisdictions in the United States including Ohio, Pennsylvania, Illinois, Indiana, Wisconsin, and the New England states currently offer clean energy credits for sale, or similar voluntary registries. Ontario’s registry levels the playing field so we can continue to attract new investment to the province.
Quotes
“Ontario’s clean energy advantage is driving new business development in the province. Clean energy credits will generate funds for new clean energy projects, offsetting costs for ratepayers while helping us maintain a reliable and clean supply of power for years to come.”
– Carla Y. Nell
Vice-President of Corporate Relations, Stakeholder Engagement and Innovation, IESO
“Ontario’s clean electricity grid, powered in large part by OPG’s nuclear and hydroelectric generation, can help industry achieve environmental and sustainability goals. This registry is a good step in supporting Ontario businesses wishing to track and report on their emissions goals. At the same time, sale of CECs has the potential to benefit ratepayers and support investments in new clean generation to power Ontario’s electrification and economic growth.”
– Ken Hartwick
President and CEO, OPG
“Retail Council of Canada (RCC) supports the Ontario government’s commitment to develop a Clean Energy Credit system. Delivering products – be it clothing or groceries, toys or power tools – to our customers in an environmentally friendly way is a top of mind imperative for retailers. This Made-in-Ontario initiative will lead to a competitive marketplace, wherein businesses can voluntarily make commitments which will green our grid, drive local innovation, all while delivering competitively priced credits to business.”
– Diane J. Brisebois
President and CEO, Retail Council of Canada
SOURCE Province of Ontario
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