The Financial Accountability Office says in a report released today that the loss of revenue is greater than the savings achieved by cutting spending associated with the program, and will worsen Ontario's budget position.

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.

The Progressive Conservative leader, who was officially sworn in as premier Friday, had promised that cancelling cap and trade would be his first order of business.