Ontario’s first auction for greenhouse gas allowances was a sellout — with 100 per cent of current permits available snapped up by the province’s biggest polluters.

But Environment Minister Glen Murray said while the participation showed “a high level of confidence” among businesses, the real measure of success comes in curbing emissions.

“The participation rate — whether 100 per cent or 20 per cent . . . is not the success of the market,” he told reporters at Queen’s Park. “The success of the market is really based on our ability to reduce GHGs. We will not expect to get 100 per cent all the time.”

Results of the auction, held March 22, were released Monday afternoon. Some 25,296,367 allowances for 2017 were sold as well as 812,000 in future allowances — about a quarter of what was available for 2020 — bringing in a total of $472,031,155.

The next auction is scheduled for June 6.

Murray said he was pleased to see the trading price at $18.08, only slightly more than the minimum floor price.

“One of the objectives of cap and trade is to manage the transition to a low carbon economy at the lowest-possible prices to Ontarians and Ontario businesses, so we didn't want to see early upward movement on that,” Murray said.

The government has to put all revenue raised into emission-reducing programs — and estimated $1.9 billion a year — and NDP environment critic Peter Tabuns wants to see more transparency on that front.

“We want to make sure the money is not allocated to projects already under way,” he told reporters. “ . . . That doesn’t advance the fight against climate change, it does make the government’s books look better.”

The cap and trade program sets emissions limits that will be reduced each year to help curb pollution. Businesses can, however, purchase or sell allowances at the auctions based on need.

PC Leader Patrick Brown has said the government should return the revenues to taxpayer — estimated at $1.9 billion a year — as cap-and-trade will mean increased costs for consumers and businesses.

Cap and trade has added 4.3 cents per litre to the price of gas since it began at the start of the year, and is estimated to boost heating costs by about $80 a year per household.

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March’s auction was Ontario only, but the Liberals are currently negotiating with California and Quebec to link the three jurisdictions.

With files from Robert Benzie and Rob Ferguson

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