A Clean Energy Credit Registry will help attract private sector renewable energy investments to Ontario. Photo: Roberta Franchuk, Pembina Institute
TORONTO — SAEED KADDOURA, senior analyst at the Pembina Institute, made the following statement in response to Ontario Clean Energy Registry announcement:
“The Pembina Institute welcomes the Ontario Ministry of Energy’s announcement of a voluntary renewable energy certificate market, called the Clean Energy Credit (CEC) registry in Ontario, to develop a robust renewable energy sector.
“The ability for companies to voluntarily generate, purchase, and retire CECs is a central part of any approach to pursuing market-driven renewables. Developing a CEC registry is a good first step to attracting private sector investments to Ontario. However, a market for certificates by themselves is not enough. It should be built upon an electricity procurement mechanism that creates an opportunity for credit generation and drives demand for credit purchasing and retirement with a vision for long-term growth of the renewable energy sector in mind. Concurrent to a CEC registry, we recommend the Ontario government take actions to permit bilateral deals between buyers and sellers of renewable electricity, for example through virtual power purchase agreements, to drive a demand for voluntary credits.
“In order to fully realize the environmental and job-creation benefits as well as economic growth in Ontario, three fundamental principles must be applied to CECs. Firstly, additionality: CECs need to be generated from new renewable energy projects to drive new clean energy into the grid. Secondly, avoid double counting: a project cannot generate credits under more than one tracking system and credits can only be used once and must be retired after use. Thirdly, avoid leakage: Ontario-based companies must build projects, use the electricity, and generate and retire credits under the CEC registry within the geographic boundary of Ontario.”
-30-
Contact
Kendall Anderson
Senior Communications Lead, Ontario
416-220-8804