New and amended regulations will support Nova Scotia’s cap-and-trade program, which will begin Jan. 1.
The new cap-and-trade program regulations, released today, Nov. 14, detail how the program will run. For example, they establish:
- annual declining greenhouse gas emissions caps
- rules for distributing, buying, and selling greenhouse gas emission allowances
Amendments were also made to the petroleum product pricing regulations and to the regulations that govern greenhouse gas emissions reporting.
These details were included in government’s release of the program in October, which also included setting one of Canada’s most ambitious greenhouse gas reduction targets – reducing emissions by 45 to 50 per cent from 2005 levels by 2030.
More information is available at http://climatechange.novascotia.ca .