QUEBEC -- Ontario has formally signed an agreement to join Quebec and California's cap-and-trade system on Jan. 1, 2018.
The province has been running its own system this year aimed at lowering greenhouse gas emissions, with three sell-out auctions in a row.
The system puts caps on the amount of pollution companies in certain industries can emit, and if they exceed those limits they must buy allowances at auction or from other companies that come in under their limits.
After the signing ceremony today in Quebec City, Ontario Premier Kathleen Wynne said it's hugely important for Canada's two largest provinces and America's largest state to play a leadership role in reducing emissions.
California Gov. Jerry Brown noted that the administration of U.S. President Donald Trump may not have an agenda of fighting climate change, but that is why it is important for subnational governments to move forward.
The Quebec-California market has seen an average of three-quarters of available credits sell at auction since 2014.
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