Following a period of uncertainty concerning the implementation of its carbon market, Quebec passed the necessary regulatory measures at the end of 2012 to ensure the operation of its carbon market as of January 1, 2013. Quebec and California are thus the only two members of the Western Climate Initiative to have implemented a carbon market, even though certain adjustments are to be made over the next few months.
Regulatory measures passed in December 2012 resulted in amendments to the Regulation Respecting Mandatory Reporting of Certain Emissions of Contaminants Into the Atmosphere (the “Regulation Respecting Mandatory Reporting”) and regulation applicable to the cap and trade system for greenhouse gas (“GHG”) emission allowances in order to ensure harmonization with the Californian carbon market. The following is a description of the main amendments.
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