On December 15, 2011, the Minister of Sustainable Development, Environment and Parks announced the adoption of the Regulation Respecting a Cap-and-trade System for Greenhouse Gas Emission Allowances (the “Regulation”). The Regulation has been in effect since January 1, 2012.
The Regulation imposes obligations for the reduction of greenhouse gas (“GHG”) emissions upon a select group of companies beginning on January 1, 2013. To that end, the Regulation establishes a system known as cap-and-trade (the “System”) such that targeted companies (“Targeted Emitters”) can benefit from various options in order to comply with their reduction obligations. The establishment of the System will take place in 2012.
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