Item - 2011.EX11.2
Tracking Status
- City Council considered this item on October 24, 2011 and referred this item to an official or another committee or body. Consult the text of the decision for further information on the referral.
- This item was considered by Executive Committee on October 3, 2011 and was adopted with amendments. It will be considered by City Council on October 24, 2011.
EX11.2 - Carbon Credit Policy and Revenue Opportunities
- Decision Type:
- ACTION
- Status:
- Referred
- Wards:
- All
City Council Decision
City Council on October 24 and 25, 2011, referred Item EX11.2 to the Deputy City Manager, Cluster B for further consideration and a report to the February 2012 meeting of the Executive Committee.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2011/ex/bgrd/backgroundfile-41129.pdf
Communications (Committee)
Motions (City Council)
That City Council refer Item EX11.2 to the Deputy City Manager, Cluster B for further consideration and report to the February 2012 meeting of the Executive Committee.
Vote (Refer Item) Oct-25-2011 8:07 PM
| Result: Carried | Majority Required - EX11.2 - Perruzza - Refer the item |
|---|---|
| Total members that voted Yes: 36 | Members that voted Yes are Maria Augimeri, Shelley Carroll, Raymond Cho, Josh Colle, Gary Crawford, Vincent Crisanti, Janet Davis, Glenn De Baeremaeker, Mike Del Grande, Frank Di Giorgio, Sarah Doucette, Paula Fletcher, Doug Ford, Rob Ford, Mary Fragedakis, Doug Holyday, Mike Layton, Chin Lee, Giorgio Mammoliti, Josh Matlow, Pam McConnell, Mary-Margaret McMahon, Joe Mihevc, Peter Milczyn, Frances Nunziata (Chair), Cesar Palacio, John Parker, James Pasternak, Gord Perks, Anthony Perruzza, Jaye Robinson, David Shiner, Karen Stintz, Michael Thompson, Adam Vaughan, Kristyn Wong-Tam |
| Total members that voted No: 1 | Members that voted No are Ron Moeser |
| Total members that were Absent: 8 | Members that were absent are Paul Ainslie, Ana Bailão, Michelle Berardinetti, John Filion, Mark Grimes, Norman Kelly, Gloria Lindsay Luby, Denzil Minnan-Wong |
EX11.2 - Carbon Credit Policy and Revenue Opportunities
- Decision Type:
- ACTION
- Status:
- Amended
- Wards:
- All
Committee Recommendations
The Executive Committee recommends that City Council receive the item.
Origin
Summary
This report presents an opportunity to receive revenues from carbon credits generated through energy efficiency and conservation projects of the City of Toronto (the "City"). To support this effort authority from Toronto City Council is recommended to update the corporate greenhouse gas ("GHG") and related carbon credit policy to better position the City for any future regulatory compliance obligations and possible revenue opportunities from monetizing GHG reductions and related GHG emissions trading.
The City has undertaken various projects that have contributed to GHG emissions reductions and, therefore, may be eligible for GHG emission offsets or credits. A GHG emission offset or credit ("carbon credit") consists of all rights and benefits associated with one tonne of GHG emissions reductions. If monetized, sold, or traded these carbon credits may result in an additional revenue source for the City.
This report also seeks authority for the Toronto Environment Office to take the necessary steps to quantify and prepare the City's portfolio of carbon credits and other environmental attributes for potential monetization or sale. The prevalent market in Ontario for carbon credits is a voluntary market and 'green funds' which offers potential opportunities for the City to engage and execute sales with prospective buyers. Any sale of carbon credits or other environmental attributes must take into account established emissions reductions targets so as to qualify as "additional" and ensure that the City’s overall environmental goals are met.
This report recommends that any proceeds from the sale of carbon credits or other environmental attributes be allocated to a reserve fund to support future City corporate capital environmental initiatives. Therefore it is proposed that any sale of carbon credits or other environmental attributes be required to yield a net benefit to the City of Toronto.
Background Information
https://www.toronto.ca/legdocs/mmis/2011/ex/bgrd/backgroundfile-41129.pdf
Communications
Speakers
Councillor Gord Perks
Councillor Paula Fletcher
Councillor Shelley Carroll
Motions
That the item be referred back to staff for a further report on opportunities to encourage carbon credit world market trading.
That Council receive the item.
That the General Manager, Transportation Services be requested to work with the Toronto Environmental Office to formulate measurement criteria for traffic changes.