Cap-and-trade is coming to Quebec

The Quebec government announced last week that it is moving ahead with plans to link with California’s carbon market.

“The cap-and-trade system for greenhouse gas emission allowances (SPEDE) is a major advance in the fight against climate change,” explained Yves-François Blanchet. “Europe, China, Australia and Japan are working in this direction. Québec and California are now leaders in this endeavour.” ... “Discussions with our counterparts in California are extremely positive. I am confident that we will see a full linkage of the Québec and California markets during spring 2013 in anticipation of the first joint auction planned for August, 2013. Québec and California have agreed to work together closely so that Canadian provinces and U.S. states join the market. As a result of this agreement, Québec will be in a position to achieve its emission targets, and businesses will have an innovative and flexible tool enabling them to participate in the effort,” concluded Minister Blanchet