The Québec government is moving ahead with plans for a carbon market. On December 13, 2012, the Cabinet adopted the Regulation Amending the Regulation respecting a cap-and-trade system for greenhouse gas emission (GHG) allowances.
The adoption of this amendment now makes it possible to link the Québec and California systems. Linkage is scheduled to take place in spring 2013 and the first joint auction is planned for August, 2013.
“The cap-and-trade system for greenhouse gas emission allowances (SPEDE) is a major advance in the fight against climate change. Europe, China, Australia and Japan are working in this direction. Québec and California are now leaders in this endeavour,” said the Minister of Sustainable Development, Environment, Wildlife and Parks, Yves-François Blanchet.
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.
On a related note, 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 the tools that the jurisdictions of Québec and California are adopting. 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).
About the WCI
In 2008, Québec joined the Western Climate Initiative, a group working to establish a common approach to fighting climate change, primarily by designing and implementing a regional North American greenhouse gas (GHG) emissions cap-and-trade system.
Western Climate Initiative (WCI) website