20 Jul '11, 12pm

Quebec to beat California in setting up first carbon market in North America #carbontrading #canada

While a struggling economy and court challenges have stalled California’s plans to establish a cap-and-trade system, Quebec is taking the lead on establishing a carbon market in North America. The question for environmentalists is whether such a system represents a sincere government effort to reduce emissions, or political greenwash. A cap-and-trade sets a limit on emissions and then divides them up into permits, which it then issues to companies for their individual emissions. If they exceed their cap, companies must buy credits from companies with a surplus from lower emissions. Under the scheme, around 100 facilities – the biggest emitters in the province, producing 25 Kt of greenhouse gases every year, or 88 per cent of emissions from Quebec’s industrial sector – will be brought under an emissions cap in 2013. A one-year trial period will begin 1st January 2012, durin...

Full article: http://www.theecologist.org/News/news_analysis/979584/que...

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