Nova Scotia has reached an agreement-in-principle with the federal government that will protect Nova Scotians’ pocketbooks and build upon the province’s position as a leader in reducing greenhouse gas (GHG) emissions.
Premier Stephen McNeil and federal Environment and Climate Change Minister Catherine McKenna announced the successful negotiations today, Nov. 21.
The agreement will allow Nova Scotia to develop a Nova Scotia approach that recognizes the province’s leadership on reducing GHGs. Nova Scotia currently leads all provinces in cutting GHGs and has already reached the federal 2030 reduction target.
“This agreement is recognition of Nova Scotians’ hard work over many years to reduce our GHGs,” said Premier McNeil. “We negotiated a Nova Scotia solution that will protect taxpayers’ pocketbooks and we now have an agreement that allows us to continue our efforts to combat climate change.”
Nova Scotia will introduce a cap and trade system within Nova Scotia. This cap and trade system ensures GHG reductions happen in the province.
“The Government of Canada is pleased that Nova Scotia has committed to action on pricing carbon pollution as well as working collaboratively on an updated equivalency agreement to enable the transition from coal to clean power,” said Ms. McKenna. “Today’s announcement demonstrates our commitment to a productive approach to clean growth and climate change. We will continue working with all provinces and territories, and indigenous peoples, to complete the Pan-Canadian Framework and build the low-carbon economy of the future.”
In response to the federal announcement on coal plants, Nova Scotia and Canada will also establish a new equivalency agreement that will enable the province to move directly from fossil fuels to clean energy sources but enable Nova Scotia’s coal-fired plants to operate at some capacity beyond 2030. The equivalency agreement will give the province the flexibility needed to ensure affordability for ratepayers now and further into the future.
“I am grateful to our federal partners for their cooperation, for allowing us to develop a Nova Scotia solution that will meet their goals and ours,” said Premier McNeil.
Once the agreement is signed, the province will work with stakeholders and industry to develop regulations around Nova Scotia’s cap and trade system and to develop a new equivalency agreement for the electricity sector.
More information on Nova Scotia’s action climate change can be found at climatechange.novascotia.ca/.