A recent article in Forbes magazine made some interesting observations about the ramifications of Doug Ford‘s move to kill cap and trade and tear up alternative energy contracts.
Now, I know that Ford disciples tend to dismiss any critique of Ford as nothing more than left-wing propaganda, but Forbes doesn’t fit that bill; it’s the magazine about the wealthiest of the wealthy.
The article states that Ford’s environmental policies will cost Ontario taxpayers millions of dollars and will likely result in the loss of thousands of jobs in the energy sector.
Companies that got stiffed by Ford’s immediate shutdown of cap and trade will be in the hole for about $2.8 billion and much of that cost will be passed on to consumers by way of higher prices.
WATCH: Ontario’s cap-and-trade cuts leave auto dealerships in the dust
It goes on to say that any government that arbitrarily tears up contracts creates uncertainty for investors and that could curtail much needed foreign investment in the province.
In fact, it’s estimated that the cancellation of solar and wind projects and investment in electric vehicles could cost Ontario about 6,000 jobs and $100 million in lost investment.
There’s much more, but I think we get the idea.
Ford said he wanted to send the message that Ontario is open for business, but his actions on the energy file may be sending just the opposite message.