A news release by the Ontario government confirms the end of the Ontario cap-and-trade program.

As his first order of business, Ontario’s newly sworn-in premier—Doug Ford, and his cabinet have revoked the cap-and-trade carbon tax regime.

The announcement adds an effective date of July 3, 2018, after which Ontario will begin winding-down all programs funded out of cap-and-trade carbon tax revenues.

While the “wind-down” is effective, Ford’s government has committed to honoring arrangements or contracts that have already been signed through programs for energy efficiency, insulations, and window retrofits.

“We are getting Ontario out of the carbon tax business,” concluded Ford. “Our focus will be to give people lower gas prices, lower energy bills and a real break in their wallets in order to get our economy going and create jobs. Help is here.”