The governments of Ontario and Quebec have to set up an inter-provincial carbon trading market. Initiated by the premiers of Ontario and Quebec – Dalton McGunity and and Jean Charest respectively, the market is slated to go live by 2010. The carbon trading would be based on the cap-and-trade system and would use the as the baseline, with the aim to reduce carbon emissions to 1990 levels.
But the plan has been for not having a proper regulatory mechanism, among other reasons. However, the federal government’s plan for bringing about reductions in the greenhouse emissions, that uses a 2006 benchmark, is not only incompatible with what exists in other countries but also inadequate..
…The Quebec-Ontario system opts for "real reductions" in emissions as
opposed to the federal government’s much criticized "intensity-based"
plan, which links reductions to productivity and which
environmentalists say does not go far enough toward cutting emissions
associated with climate change.
Let’s hope that they are able to reach a resolution soon enough and adopt a unified approach to solving the problem of global warming, instead of a fragmented one. Meanwhile, in the United States, continue to shape the future of the carbon market here.
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