Have questions about the economic measures put in place to support businesses affected by the coronavirus (COVID-19)? Visit the Québec.ca
website.
Have questions about the economic measures put in place to support businesses affected by the coronavirus (COVID-19)? Visit the Québec.ca website.
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Expertise in low-carbon economies
Establishing a cap-and-trade system for greenhouse gas (GHG) emissions allowances is an essential tool for Québec to achieve its ambitious GHG reduction target. Québec joined the Western Climate Initiative (WCI), a group of U.S. states and Canadian provinces, to implement a North American cap-and-trade system for GHG emission allowances.
In such a system, governments initially set a global GHG emission ceiling for all targeted emitters. The ceiling then gradually drops over the years in order to reach the reduction target.
The Government of Québec will distribute a portion of the emission allowances free of charge to companies that emit more than 25,000 tonnes of CO2 equivalent per year in targeted industrial sectors. Companies whose GHG emissions are higher than the number of units allocated will have to modernize by adopting clean technologies or buy emission allowances at government auctions or on the carbon market.
Unlike traditional regulations where companies may not exceed an emission standard, this system gives companies greater flexibility. It allows them to purchase rights on the market until they are ready to upgrade or replace some of their equipment.
As a North American leader in the fight against climate change, Québec has witnessed the development of a service industry linked to the carbon market—whether for developing a strategy for managing a carbon portfolio, preparing inventories and measuring CO2 emissions, verifying GHGs, purchasing and exchanging emission units and offset credits, or implementing GHG reduction projects.
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