Last updated on April 18, 2014 at 1:21 EDT

Quebec Gives Green Light to Carbon Market

December 13, 2012

QUÉBEC CITY, Dec. 13, 2012 /PRNewswire/ – The Minister of Sustainable
Development, Environment, Wildlife and Parks, Yves-François Blanchet,
announces that the Cabinet has adopted the Regulation Amending the
Regulation respecting a cap-and-trade system for greenhouse gas
emission (GHG) allowances. The amendment is aimed at harmonizing
Québec’s system with California’s as well as with those of future
partners. Its adoption now makes it possible to link the Québec and
California systems.

By adopting this regulatory amendment, Québec has taken an important
step today in pursuing the deployment of further action within the
Western Climate Initiative (WCI) to create an extensive carbon market
in North America. “The cap-and-trade system for greenhouse gas emission
allowances (SPEDE) is a major advance in the fight against climate
change,” explained Yves-François Blanchet. “Europe, China, Australia
and Japan are working in this direction. Québec and California are now
leaders in this endeavour.”

The Secretary of the California Environmental Protection Agency, Matt
Rodriquez, and the President of the California Air Resources Board,
Mary Nichols, were in Québec City this past December 11 and 12 in
connection with the annual meeting of the members of the Board of
Directors of the Western Climate Initiative Inc. (WCI Inc.). Mr.
Blanchet and Mr. Rodriquez had lengthy discussions on environmental
issues and on the tools provided by the jurisdictions of Québec and
California. Discussions also focused on setting up a process for
broadening the continental scope of the cap-and-trade system for
greenhouse gas emission allowances (SPEDE).

“Discussions with our counterparts in California are extremely positive.
I am confident that we will see a full linkage of the Québec and
California markets during spring 2013 in anticipation of the first
joint auction planned for August, 2013. Québec and California have
agreed to work together closely so that Canadian provinces and U.S.
states join the market. As a result of this agreement, Québec will be
in a position to achieve its emission targets, and businesses will have
an innovative and flexible tool enabling them to participate in the
effort,” concluded Minister Blanchet

SOURCE Cabinet du ministre du Développement durable, de l’Environnement, de la Faune et des Parcs

Source: PR Newswire