《Queacute;becs Cap-and-Trade System》.pdfVIP

Québec’s Cap-and-Trade System Compliance Requirements CARB Cap-and-Trade Workshop June 25, 2013 Jean-Yves Benoit Director - Carbon Market Division Climate Change Office Government of Québec Status Update • Cap Trade Legislation (2009) • 2020 Mitigation Goal (2009) • Initial Cap Trade Regulation (December 2011) • Amendment to the CT Regulation (December 2012) Allow linking with California other jurisdictions  Introduce Offset Regulation • Québec and California linked Program : January 2014 Compliance Requirements • Compliance obligation ... to cover each metric tonne CO2 equivalent of the verified emissions ... • Date of compliance obligation November 1st following the end of each compliance period • Compliance periods First : 2013-2014 Second : 2015-2017 Third : 2018-2020 Compliance Requirements Compliance Requirements • Compliance instruments valid for surrender  Québec Allowances, Early Reduction Credits and Offsets Credits  California Allowances and Offsets credits (once linked) • Order of Compliance Instruments Retirement 1. Offset Credits : earlier vintage first (subject to 8% limit) 2. Early Reduction Credits 3. Allowance purchased from the Allowance Price Cost Containment Reserve 4. Allowances : earlier vintage first Merci!