QUÉBEC, Dec. 6, 2024 /CNW/ – The Ministère de l’Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs (MELCCFP) published today the report on the fourth compliance period of the Cap-and-Trade System for greenhouse gas emissions (SPEDE) covering the years 2021 to 2023.
A compliance period is a specific timeframe during which companies subjected to the Cap-and-Trade System must cover their emissions of greenhouse gases (GHG) by surrendering to the government a number of emission allowances equal to the tons of emissions that they generate. In Québec, for the 2021-2023 period, 134 of the 135 large emitters and distributors of fuel and combustibles subjected to these obligations complied by surrendering the required emission allowances. Thus, these companies surrendered a total of 176.5 million emission allowances, each of which represents a ton of GHG (CO2 equivalent). These allowances make up for 99.99% of the overall obligation for this period. Only one company, currently under the protection of the Bankruptcy and Insolvency Act, was not able to surrender the required allowances.
In California, Québec’s partner in the Western Climate Initiative Regional Carbon Market, a 100 % compliance rate was achieved.
The near-perfect compliance rate is a testimony of the commitment of the emitters concerned, as they either:
- reduced their GHG emissions;
- procured emission allowances during government auctions;
- or procured emission allowances from other companies.
The exemplary results attest to the rigor and active participation of Québec and Californian companies in attaining the climate objectives outlined by their respective governments.
Associated link:
To access the compliance report for the 2021-2023 period or to learn more on emission coverage under the carbon market: https://www.environnement.gouv.qc.ca/changements/carbone/Couverture-en.htm
Source and information:
Media Relations
Ministère de l’Environnement, de la Lutte contre les
changements climatiques, de la Faune et des Parcs
[email protected]
Tel.: 418 521-3991
SOURCE Ministère de l’Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs
Featured Image: Megapixl @ Lovelyday12
