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CARBON MARKET: QUÉBEC AND ONTARIO TO COLLABORATE ON THE DEVELOPMENT OF NEW OFFSET CREDIT PROTOCOLS

Québec, September 11, 2015 – The Minister of Sustainable Development, Environment and the Fight against Climate Change, David Heurtel, announces the signature of an agreement under which Québec and Ontario will work together to develop new offset credit protocols. This represents yet another step forward in the evolution of the Western Climate Initiative’s North American carbon market.

“Cooperating with our Ontario partners on the new protocols incentivizes Québec and Ontario enterprises to reduce greenhouse gas (GHG) emissions and promote a low carbon economy. Together, we can fight climate change and ensure a better quality of life for our children,” stated Minister Heurtel.

The new offset credit protocols will enable Québec and Ontario businesses that are not directly targeted by a GHG emission allowance cap-and-trade system to participate in the carbon market through innovative projects aimed at reducing GHG emissions. The reductions, calculated as offset credits, can then be sold to large firms that are market participants.

Currently in Québec, projects dealing with agricultural manure, methane disposal at waste burial sites and destruction of ozone layer depletion substances found in insulating foam and refrigerants can qualify for offset credits. Under this agreement, Ontario will work on adapting these existing protocols. The new protocols will considerably expand the potential for GHG emission reduction both in Québec and in Ontario, and contribute to the transition to a prosperous, low-carbon economy.

Québec and Ontario have forged a dynamic alliance in the fight against climate change. Both governments reiterated their commitment to working together today during a joint meeting of the Québec and Ontario Cabinets by signing the Memorandum Of Understanding Between The Government Of Ontario And Le Gouvernement Du Québec Concerning Concerted Climate Change Actions. The new Memorandum, which improves various components of the 2014 protocol while adding new ones as well, takes into account the April 2015 Joint Statement by Premiers Wynne and Couillard on cap-and-trade system for GHG emission allowances.

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SOURCE :

Guillaume Bérubé

Press Officer

Cabinet of the Minister of Sustainable Development, Environment and the Fight against Climate Change

Tel.: 418-521-3911

INFORMATION :

Media Relations

Ministère du Développement durable,

de l’Environnement et de la Lutte contre

les changements climatiques

Tel.: 418-521-3991

 

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