Carbon market second compliance period gets a perfect score: 100% of emitters cover their greenhouse gas emissions!

QUÉBEC, Nov. 5, 2018 /CNW Telbec/ - The Ministère de l'Environnement et de la Lutte contre les changements climatiques announces that, as was the case in the first compliance period, 100% of regulated emitters surrendered the necessary allowances to cover their greenhouse gas (GHG) emissions , in accordance with the provisions of the Regulation respecting a cap-and-trade system for greenhouse gas emission allowances.

A 100% score means that all regulated emitters have either:

• reduced their GHG emissions;
• bought emission allowances at the government auctions, or;
• bought emission allowances from another company.

In the carbon market, an allowance equals one tonne of GHGs emitted into the atmosphere. Therefore, 176.1 million allowances were due from the 118 regulated emitters subject to the carbon market, i.e., one emission allowance for each tonne of CO₂ equivalent released into the atmosphere during this second period.

Similar results were also achieved in California, Québec's partner jurisdiction in the WCI regional carbon market, which demonstrates that companies in California and Québec are adhering to the carbon market as an economic tool for fighting climate change.

A detailed report on the emissions coverage will be available to the public next December on the Ministère's website.

Quick facts:

• Regulated industrial emitters and fuel distributers had until November 1, 2018 to surrender the emission allowances matching their reported and verified emissions for 2015, 2016 and 2017 to the government.
• Québec's carbon market provides for three compliance periods for the 2013-2020 timeframe. The third compliance period began on January 1, 2018 and will end on December 31, 2020. Regulated emitters for this compliance period will have until November 1, 2021 to surrender the amount of emission allowances matching their reported and verified emissions for 2018, 2019 and 2020 to the government.

Associated links:

For more information on the carbon market compliance periods: http://www.mddelcc.gouv.qc.ca/changements/carbone/Couverture.htm

For more information on the Québec-California joint carbon market: http://www.mddelcc.gouv.qc.ca/changementsclimatiques/marche-carbone.asp

Source and information:

Media Relations
Ministère de l'Environnement et de la Lutte contre les changements climatiques
Tel.: 418 521-3991
https://twitter.com/MDDELCC 
https://www.facebook.com/MDDELCC/notes#!/MDDELCC?fref=ts

SOURCE Ministère de l'Environnement et de la Lutte contre les changements climatiques