Government is seeking feedback from stakeholders on the key elements of a new cap and trade program to ensure it is effective in reducing greenhouse gas emissions, is flexible and adaptable, and supports a competitive economy.
“Nova Scotia is committed to taking long-term action on climate change. We are already leaders in reducing greenhouse gas emissions, and we are looking to build a clean and innovative economy and adapt to our changing climate,” said Margaret Miller, Minister of Environment.
“When developing a cap and trade program that is robust and works for Nova Scotia, we are taking a thoughtful and open approach that respects the diverse nature of our province.”
On December 9, 2016, Nova Scotia endorsed the Pan-Canadian Framework on Clean Growth and Climate Change. At the time, Nova Scotia committed to establishing a cap and trade program to comply with the federal carbon pricing benchmark.
A discussion paper which outlines the principles and key design features being considered is now available on Nova Scotia’s climate change website at climatechange.novascotia.ca.
Businesses that will eventually participate in the program, industry associations, non-government organizations and others will have an opportunity to comment over the coming month.
The department will also consider experiences of other jurisdictions with similar programs in North America and around the world.
This feedback and research will be used to develop Nova Scotia’s program and the regulatory framework that supports its implementation. There will be additional opportunities for stakeholders to provide feedback throughout 2017.
Nova Scotia currently leads all provinces in cutting greenhouse gas emissions and has already reached the federal 2030 emission reduction target.