Ontario's Environment Minister did his best to sell the London business community on the controversial cap-and-trade system.
Speaking at a luncheon hosted by the London Chamber of Commerce Tuesday, Glen Murray explained the environmental benefits of the the initiative.
The cap-and-trade system would put a price on carbon emissions and reduce greenhouse gases by limiting how many tonnes of greenhouse gas pollution businesses are allowed to emit.
The program has raised concerns among some in the business community who are worried about increased costs associated with the so called "carbon tax." Murray however was quick to say the cap-and-trade system would be a regulatory fee, not a tax. He attempted to reassure the crowd that the direct costs to businesses would not be significant.
"We've worked in the last year designing a system that enables innovation and productivity, and allows people to seize the economic opportunities associated with a low carbon economy," said Murray.
Murray declared climate change as an existential crisis, claiming that over the next few years southern Ontario will warm by 4 degrees.
"We have already lost half of our fish population in the ocean, our reefs are dying, we have major droughts in the world that are eliminating or reducing food production in the farm food belts," said Murray. "These are real issues for people and people have started to internalize that in a way of 'we better act on this'."
Murray says he recognizes larger businesses will be better equipped to deal with the cap-and-trade system. He adds those with divisions outside of Canada are already working with a carbon pricing system but smaller businesses remain nervous.
"For small or medium enterprises it's more unknown to them, that's why we have to work so closely with communities, so closely with Chambers of Commerce." said Murray. "It's really important to hear their concerns first hand."
President and CEO of the London Economic Development Corporation, Kapil Lakhotia, attended the luncheon. He says it remains to be seen what sort of impact cap-and-trade will have on business recruitment to the city.
"It's too premature to say whether it will make any impact or not," says Lakhotia. "All I can say is it will certainly be one of the elements businesses evaluate when they are looking at locations in Ontario."
Ontario has vowed to reduce emissions by 15% below 1990 levels by 2020