Canada Carbon Emissions Market
Government of Canada has launched “Canada’s Greenhouse Gas Offset Credit System”, in a bid to reduce carbon pollution. Reducing greenhouse gases from waste, which is responsible for 7 percent of greenhouse gases in Canada, is a key component for achieving Canada’s emissions reduction targets.
Canada’s Greenhouse Gas Offset Credit System
- Canada’s Greenhouse Gas Offset Credit System is a significant measure outlined in Canada’s 2030 Emissions Reduction Plan.
- This system will provide municipalities, farmers, foresters, Indigenous communities, etc a market-based incentive for undertaking innovative projects that can prevent emissions, remove Green House gases and thus prevent emissions.
- Under it, registered participants are allowed to carry out projects following a federal offset protocol. The federal offset protocol sets out a consistent approach to measure GHG emissions reductions or removal for specific projects.
- These specific projects can generate one tradeable offset credit for the emissions they reduce or remove from atmosphere.
- Once they earn credit, it can be sold to others in order to help them meet their emissions reduction or compliance obligations goals under carbon pollution pricing system.
Landfill Methane Recovery and Destruction
Canada’s Minister of Environment and Climate Change, also the first series of federal offset protocols called “Landfill Methane Recovery and Destruction protocol”. Under it, municipalities and other landfill operators would be able to earn offset credits for recovering landfill gas from operations and repurposing or destroying it into energy with technologies like boilers, flares, engines and turbines.
Month: Current Affairs - June, 2022