NS: Nova Scotia Advances Cap and Trade Program
On September 29, the province of Nova Scotia introduced amendments to its Environment Act to develop and set up the Cap and Trade Program.
Nova Scotia committed to establishing a cap and trade program in 2016 in support of the Pan-Canadian Framework on Clean Growth and Climate Change. As part of this process, Environment Minister Iain Rankin introduced Bill 15 to amend the Environment Act, enabling the government to establish a cap and trade program and create supporting regulations.
The amendments are flexible and take into consideration the potential for future changes. For example, while Nova Scotia only plans to allow trading of emission allowances within the province currently, a provision is included to allow linking with programs in other places in the future.
Next steps include developing regulations to implement the program. They will include setting a province-wide greenhouse gas target for 2030, setting caps, distributing emission allowances, setting penalties, enabling trading of emission allowances, requiring companies to monitor and report specific information, and creating a Green Fund to support climate change initiatives and innovations. Consultations on the regulations are planned, however, the government encourages feedback at any time.
For more information on Nova Scotia’s Cap and Trade Program, visit the Nova Scotia Government website or contact Jean-François Duguay at email@example.com or 506-480-0275.