Ontario's new PC government is introducing legislation today to dismantle the province's cap-and-trade system.
The proposed legislation will set out the legal framework to wind down the program, including compensation for certain eligible permit holders.
The bill would also require the province to set targets for reducing greenhouse gas emissions and publish a plan to fight climate change.
Ontario's fiscal watchdog said Tuesday it will look into how much the cancellation of cap and trade will end up costing the province.
Meanwhile, Federal Environment Minister Catherine McKenna has voiced disappointment about what she deemed Ontario's lack of a plan to tackle climate change.