Ottawa unveils proposed federal carbon offset emission credit regulations

DM

The federal government is unveiling proposed regulations for its greenhouse gas offset program that will govern how developers can register and sell credits earned through projects that reduce emissions. Environment and Climate Change Canada says one credit will be issued for each tonne of carbon dioxide equivalent reduced or removed from the environment, adding that eligible projects must be in Canada and offer “real, additional, quantified, unique and permanent GHG reductions.” The projects will have to be registered and approved, monitored and face third-party verification before credits can be sold to industrial buyers for use to offset their greenhouse gas emissions and thus reduce their carbon tax costs. In a briefing, department officials said the federal program will not compete with credit generators under similar programs offered in provinces such as Alberta, British Columbia and Quebec, adding approved carbon offsets can only be used once.

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