The development is a welcome step forward that pushes us closer to the establishment of a more robust cap a trade system. In their announcement the government of Canada explicitly recognized:
- The need to establish a clear market price for carbon
- The need to set up a carbon emissions trading market, including a carbon offset system, to provide incentive for Canadians to reduce their greenhouse gases.
The government also renewed its commitment to do more in the energy sector promising to setup a taskforce to like at hydro, nuclear and renewable energy sources.
In a clear disappointment to some observers, the government shied away from committing to hard emission caps favoring instead an emission intensity approach which ties emission to quantity of units of production. Also requirement for carbon capture and storage from the oil sands will only apply to operation starting in 2012 on-wards.
The full text of the press release can be found here:
http://www.ec.gc.ca/default.asp?lang=En&n=714D9AAE-1&news=B2B42466-B768-424C-9A5B-6D59C2AE1C36
The full text of the regulations themselves will not be published until later this year and will only be finalized in 2009.
1 comment:
The Canadian government has come up with the regulatory framework for emission reduction. Thanks to the government for having introduced such project and looking forward to implement it as soon as possible.
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