Following a period of uncertainty concerning the implementation
of its carbon market, Quebec passed the necessary regulatory
measures at the end of 2012 to ensure the operation of its carbon
market as of January 1, 2013. Quebec and California are thus the
only two members of the Western Climate Initiative to have
implemented a carbon market, even though certain adjustments are to
be made over the next few months.
Regulatory measures passed in December 2012 resulted in
amendments to the Regulation Respecting Mandatory Reporting of
Certain Emissions of Contaminants Into the Atmosphere (the
"Regulation Respecting Mandatory
Reporting") and regulation applicable to the cap
and trade system for greenhouse gas ("GHG") emission
allowances in order to ensure harmonization with the Californian
carbon market. The following is a description of the main
amendments.
