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ARTICLE · 05 JUNE 2008

Greenhouse Gas Reduction (Cap And Trade) Act Given First Reading

Borden Ladner Gervais LLP
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The British Columbia “Greenhouse Gas Reduction (Cap and Trade) Act” ("Bill 18") passed First Reading on April 3, 2008.

CanadaEnvironment
Karin Grubb
Karin Grubb
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The British Columbia Greenhouse Gas Reduction (Cap and Trade) Act ("Bill 18") passed First Reading on April 3, 2008. Bill 18 aims to cap greenhouse gas ("GHG") emissions from regulated operations and establish a government-monitored system that will allow regulated operations to purchase and trade credits, referred to as "compliance units", for compliance purposes.

Bill 18 allows for both the issuance of compliance units and the recognition of compliance units issued by other systems. Regulators in British Columbia will issue two types of compliance units: allowance units, which are subject to a prescribed cap on the number that may be issued under Bill 18 for a compliance period; and emission reduction units, issued for qualified emissions reduction projects that reduce, avoid or remove GHG emissions emitted into the atmosphere. 'Regulated operations' and 'reporting operations' will be required to

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