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ARTICLE · 17 MARCH 2021

Federal Government Releases Draft Greenhouse Gas Offset System Regulations

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On March 5, 2021, the federal government released draft Greenhouse Gas Offset Credit System Regulations (Draft Regulations), providing some clarity as to how federal offsets will be created...

CanadaEnvironment
Shawn Munro
Shawn Munro
Sarah Gilbert
Sarah Gilbert
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On March 5, 2021, the federal government released draft Greenhouse Gas Offset Credit System Regulations (Draft Regulations), providing some clarity as to how federal offsets will be created, tracked and ultimately used to satisfy greenhouse gas (GHG) emission reduction requirements for large emitters who are subject to the Greenhouse Gas Pollution Pricing Act (Canada) (the Federal Backstop).

The Federal Backstop, in effect since January 1, 2019, is the key piece of legislation whereby a national price on carbon is established. Currently, that price is set at $40/tonne of CO2e and will escalate to $50/tonne of CO2e in 2022. The federal government has announced its intention to further increase this price past 2022 in $15 increments, until it reaches $170/tonne of CO2e in 2030.

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