Canada Launches Greenhouse Gas Offset Credit System

On June 8, 2022, the Federal Government launched Canada’s Greenhouse Gas Offset Credit System (the “Federal GHG Offset System”), with the publication of the Canadian Greenhouse Gas Offset Credit System Regulations (the “Regulations”). Under the Federal GHG Offset System, registered individuals can perform initiatives following a federal offset protocol, which units out a constant strategy for measuring greenhouse fuel (“GHG”) emissions reductions or removals for particular sorts of initiatives. These initiatives can generate one tradeable offset credit score for each tonne of GHG emissions they cut back or take away from the environment. Once a credit score is generated by a regulated challenge, it may be offered to others to assist them meet their compliance obligations beneath the Federal Output-Based Pricing System (OBPS) or inner GHG emissions discount objectives.Offset credit allow compliance flexibility for regulated emitters and supply an financial incentive for carbon-capture innovation.

Federal GHG Offset System

In an earlier submit, we mentioned the Federal Government’s carbon pricing regime beneath the Greenhouse Gas Pollution Pricing Act (the “Act”) and the Governor in Council’s capability to enact laws beneath the Act to determine an offset credit score system. The Regulations, which have been printed on June 8, 2022, are established pursuant to Section 195 of the Act and set out a regulatory framework to manipulate the operational parts of the Federal GHG Offset System. The Regulations tackle, amongst different issues, registration and software necessities for challenge builders, challenge eligibility standards, crediting and reporting procedures, environmental integrity measures, challenge verification, challenge sort protocols (as described beneath) and consequential amendments to the Federal OBPS Regulations. Offset credit which might be generated beneath the Federal GHG Offset System will be bought and utilized by amenities regulated beneath the Federal OBPS to compensate for emissions that exceed their annual GHG emissions restrict. In this fashion, an offset credit score is an alternative to direct emissions discount, and helps cut back compliance prices for Federal OBPS individuals and preserve enterprise competitiveness. Federal offset credit will also be utilized by people or organizations for different functions, together with company net-zero commitments and GHG emissions discount objectives.

Federal Offset Protocols

In the spring of 2021, Environment and Climate Change Canada printed a listing of challenge sorts related to the Federal offset protocols (the “Protocols”), which we mentioned in an earlier submit. The Protocols set up the accepted strategy for quantifying GHG emissions reductions for a given offset challenge sort.

On June 8, 2022 the Minister of Environment and Climate Change launched the Landfill Methane Recovery and Destruction Protocol (the “LMRD Protocol”), which is the primary Protocol to change into operational beneath the Federal GHG Offset System. Under the LMRD Protocol, municipalities and different landfill operators will be capable of generate offset credit for recovering landfill fuel from their operations and destroying it or repurposing it into power with applied sciences resembling flares, boilers, generators, and engines. Reducing GHG from waste (chargeable for 7% of Canada’s GHG emissions) is a key part to attaining Canada’s emissions discount targets. Additional offset protocols are presently in improvement for actions resembling superior refrigeration, agriculture, and forest administration.

Conclusion

The availability of offset credit is anticipated to assist stimulate innovation and personal sector funding in financial actions to cut back emissions, thus preserving Canada aggressive in a decarbonizing financial system. We will proceed to watch the developments related to the Federal GHG Offset System.

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