The Quebec government on Tuesday proposed a number of changes to its cap-and-trade scheme, including lowering the threshold for including fuel distributors and allowing new offset project types.
The proposed market regulation amendments, which will be out for public consultation until Aug. 21, seek to improve the functionality of the scheme, the ministry for climate change said.
The key changes outlined by David Heurtel, the minister for climate change, were:
– Lowering the ETS participation threshold for fuel distributors to anyone distributing or using 200 litres or more. The change would take place from Jan. 1, 2016;
– Allowing clearing houses to register for participation in the market;
– Expanding eligible offset credits to include landfill methane capture projects that turn the methane into liquefied natural gas, as well as two methane emission project types from coal mines;
– Increasing the value of reported GHG emissions in cases where auditors can’t verify an emitter’s data.
“Study of the matter shows that the draft Regulation improves the operation of the carbon market by simplifying the registration of emitters and participants, by opening the door to clearing houses, by adding offset credit protocols and by lowering the qualifying threshold of fuel distributors to 200 litres,” Heurtel said.
By Mike Szabo – email@example.com