Canada launches greenhouse gas offset credit system

By Lin Wei

OTTAWA, June 8 (Xinhua) -- Canada launched Greenhouse Gas Offset Credit System on Wednesday, a market-based incentive to undertake innovative projects that reduce greenhouse gases (GHGs) by preventing emissions and removing GHGs from the atmosphere.

"Establishing a federal carbon offset market is a win-win for the economy and the environment," said Environment and Climate Change Minister Steven Guilbeault in a news release. "We're putting in place a market-based mechanism to incentivize businesses and municipalities to invest in the technologies and innovations that cut pollution."

Launching the first project to generate offset credits for recovering landfill methane, Guilbeault said the ministry will roll out more offset protocols for activities in other sectors, such as forestry and agriculture.

According to the ministry's news release, under the new system, registered participants can carry out projects following a federal offset protocol, which sets out a consistent approach for measuring GHG emissions reductions or removals for specific types of projects.

These projects can generate one tradeable offset credit for every tonne of emissions they reduce or remove from the atmosphere. Once a credit is earned, it can be sold to others to help them meet their compliance obligations or emissions reduction goals under the carbon pollution pricing system, the release said.

The offset system was designed to work with the current carbon pollution pricing system as a way to extend the price signal and incentivize companies to take actions that are above and beyond legal requirements or common practice, and that are not covered by the price on carbon pollution.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In World

Austrian president seeks re-election by first-round knock-out
Chechen armed forces assemble to honour Putin and his ally Kadyrov
New York City declares state of emergency amid rising influx of asylum seekers
Chile's Easter Island 'Moai' statues face irreparable damage after wildfire
Feature: Chinese-built largest pumped storage power station in Israel in full swing
Brazil's Bolsonaro says ally Trump would have averted war in Ukraine
COVID-19 cases spike in Bavaria after Oktoberfest
U.N. working to expand, extend for a year Ukraine Black Sea grain export deal
Explosion destroys Irish service station, injuring a number of people
UNOCHA warns over cholera outbreak in southern Ethiopia

Others Also Read