The Government of Québec has announced last week the adoption of 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.
A full linkage of the Québec and California markets is now scheduled during spring 2013 in anticipation of the first joint auction planned for August, 2013.
By adopting this regulatory amendment, Québec has taken an important step 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, Minister of Sustainable Development, Environment, Wildlife and Parks. “Europe, China, Australia and Japan are working in this direction. Québec and California are now leaders in this endeavour.”
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