FAO says cancelling cap and trade will result in $3 billion in lost revenue

A report by Ontario’s fiscal watchdog says the Progressive Conservative government’s decision to cancel the cap-and-trade system will result in the loss of $3 billion in revenue over the next four years.

The Financial Accountability Office says the loss of revenue is greater than the savings achieved by cutting the program.

The report, which was released Tuesday, says in the long run the cap-and-trade system would have cost families less than the federal carbon tax.

The program was introduced by the previous Liberal government, puts caps on the amount of pollution companies in certain industries can emit.

During the spring election, Premier Doug Ford campaigned on a pledge to cancel the program.

For further details about the report, click here.