One of the key pieces of Ontario’s Climate Change Action Plan was recently set into motion through the creation of the Ontario Climate Change Solutions Deployment Corporation, or “Green Bank.” The new agency was born from the recently enacted regulation, Ontario Climate Change Solutions Deployment Corporation (O.Reg 46/17).
The Green Bank is tasked with “reducing market barriers to deployment of low-carbon technologies, including through improved access to information, incentives, and strategic use of financial de-risking tools to encourage greater private sector investment, emphasizing absolute greenhouse gas reductions through activities such as fuel-switching, energy storage, use of renewable energy and deep energy retrofits.” The province will fund the agency up to $1.1 billion with the proceeds from cap and trade auctions, starting in 2018.
During consultations on the regulation, local distribution companies (LDCs) noted the potential for the Green Bank’s activities to compete with existing Conservation and Demand Management (CDM) initiatives under the Conservation Framework, and the possibility for confusion in the market place. The Ministry of Environment and Climate Change (MOECC) has said it will address these concerns through program design, ongoing discussions, and an MOU between the Green Bank and MOECC.
The province has yet to announce its appointees to the Green Bank’s inaugural Board of Directors.
Read the full article at Mondaq.