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Québec Gives Green Light to Carbon Market

QUÉBEC CITY, Dec. 13, 2012 /PRNewswire/ - The Minister of Sustainable Development, Environment, Wildlife and Parks, Yves-François Blanchet, announces that the Cabinet has adopted the Regulation Amending the Regulation respecting a cap-and-trade system for greenhouse gas emission (GHG) allowances. The amendment is aimed at harmonizing Québec's system with California's as well as with those of future partners. Its adoption now makes it possible to link the Québec and California systems.

By adopting this regulatory amendment, Québec has taken an important step today in pursuing the deployment of further action within the Western Climate Initiative (WCI) to create an extensive carbon market in North America. "The cap-and-trade system for greenhouse gas emission allowances (SPEDE) is a major advance in the fight against climate change," explained Yves-François Blanchet. "Europe, China, Australia and Japan are working in this direction. Québec and California are now leaders in this endeavour."

The Secretary of the California Environmental Protection Agency, Matt Rodriquez, and the President of the California Air Resources Board, Mary Nichols, were in Québec City this past December 11 and 12 in connection with the annual meeting of the members of the Board of Directors of the Western Climate Initiative Inc. (WCI Inc.). Mr. Blanchet and Mr. Rodriquez had lengthy discussions on environmental issues and on the tools provided by the jurisdictions of Québec and California. Discussions also focused on setting up a process for broadening the continental scope of the cap-and-trade system for greenhouse gas emission allowances (SPEDE).

"Discussions with our counterparts in California are extremely positive. I am confident that we will see a full linkage of the Québec and California markets during spring 2013 in anticipation of the first joint auction planned for August, 2013. Québec and California have agreed to work together closely so that Canadian provinces and U.S. states join the market. As a result of this agreement, Québec will be in a position to achieve its emission targets, and businesses will have an innovative and flexible tool enabling them to participate in the effort," concluded Minister Blanchet

SOURCE Cabinet du ministre du Développement durable, de l'Environnement, de la Faune et des Parcs

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