Quebec Publishes Draft Regulation On Cap-And-Trade System - August 2011

In July 2010, the Western Climate Initiative (WCI), of which Quebec is a partner, published detailed operational rules for a cap-and-trade system for greenhouse gas (GHG) allowances with a view to setting up a North American regional carbon market. According to these rules, as a first step, all partner states and provinces that will participate in the WCI North American regional carbon market must adopt regulations to implement a GHG cap-and-trade system in their respective jurisdictions. Then, following the signing of interprovincial and international recognition agreements and the adoption of the required regulatory amendments, individual WCI partner systems will be linked to officially create the regional carbon market.