California tables new cap-and-trade plan that jumps ahead of Quebec and Ontario

California tables new cap-and-trade plan that jumps ahead of Quebec and Ontario

MONTREAL — The California Senate is jumping ahead of Quebec and Ontario with an ambitious proposal for a carbon cap-and-trade system to replace the current one that expires in 2020.

Quebec’s carbon credit market is linked with California’s.

Ontario held its first carbon credit auction in March and intends to link to the California-Quebec system soon.

The new California plan provides for an increase in the minimum price for one ton of carbon dioxide or equivalent greenhouse gas to $20 and creates a ceiling of $30.

Every year the minimum price would increase by $5 and the ceiling by $10.

Carbon offsets would no longer be permitted and companies that emit greenhouse gasses would need to purchase new credits every year.

Quebec and Ontario will still be allowed to link to California’s new plan, but the provinces will have to match the minimum carbon credit price floor.

A cap-and-trade system for carbon credits allows companies to purchase the right to emit greenhouse gas emissions.

If passed by California legislators, the new system would begin in January 2021.

The Canadian Press

…………………………………………………………………………………………………………….……………………………The_Quebec_Book_cover_Promo_small

Would you like to support a project based right here in Quebec?

This book is being co-authored by two people who are passionate about Quebec and everything it has to offer. One of the authors moved to the region some years ago while the other was born and raised in Quebec.

The Québec Book is a unique guide for anyone interested in learning about Quebec culture and the language spoken here. You could be someone visiting Québec, planning to move to Québec, or already living here. Or maybe you’re a native English speaker, a native French speaker, or a speaker of any other language for that matter.

Pre-Order The Québec Book Now and Receive a Bonus!

Categories: International, News

About Author

Write a Comment

Only registered users can comment.