Quebec, California linked in carbon market
January 17, 2013, Quebec, QC - As of early January, Quebec and California have linked their carbon markets. While results from the move are expected to come slowly, it is seen as an important first step in developing a possible market in North America.
As reported in the Montreal Gazette, this means that Quebec and California became the first jurisdictions in North America
to enforce compulsory cap-and-trade regulations to reduce greenhouse
The idea was pushed by former California governor Arnold
Schwarzenegger and former Quebec premier Jean Charest, within the
Western Climate Initiative, which includes seven states and four
provinces — Quebec, Ontario, Manitoba and British Columbia.
Quebec and California will set allowable emissions limits in the first year, with the permitted amount reduced over time.
Quebec aims to reduce its greenhouse gas emissions to 25 per cent
below 1990 levels by 2020. California aims to return to its 1990 level
of greenhouse gas emissions by the same year. Read the full report here.