Le Lézard
Classified in: Environment
Subjects: CPG, ESG

Another perfect score for the third carbon market compliance period: 100% of emitters have covered their greenhouse gas emissions

QUÉBEC, Nov. 5, 2021 /CNW Telbec/ - The Ministère de l'Environnement et de la Lutte contre les changements climatiques (MELCC) has announced that, for the third consecutive compliance period, 100% of the emitters concerned surrendered the emission allowances needed to cover their greenhouse gas (GHG) emissions, in compliance with the requirements set out in the Regulation respecting a cap-and-trade system for greenhouse gas emission allowances.

The perfect score means that all emitters covered have either:

On the carbon market, an emission allowance is equivalent to one tonne of GHGs emitted into the atmosphere. Therefore, the 126 Québec emitters covered by the carbon market in 2018, 2019 and 2020 had to surrender 178.2 million emission allowances, i.e., one eligible emission allowance for each tonne of CO2 equivalent emitted into the atmosphere during the third period.

A 100% compliance rate was also observed in California, Québec's partner in the Western Climate Initiative Regional Carbon Market, demonstrating that companies in Québec and California are embracing the carbon market as an economic tool in the fight against climate change. A detailed report on emission coverage will be made public on the MELCC website on December 1.

Major industrial emitters and fossil fuel distributors had until November 1, 2021 to surrender to the government the emission allowances corresponding to the emissions they reported and verified in 2018, 2019 and 2020.

Quick facts:

Associated links:

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

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News published on 5 november 2021 at 15:00 and distributed by: