New analysis shows that without new and ambitious policy action Canada will miss its Copenhagen targets by a considerable margin. So while Canada will have to play climate policy catch-up to the rest of the world, it appears that a number of forward-looking provinces have already signed up to lead Canada in this mission.
The numbers are in for Quebec and California’s first joint auction of GHG allowances (for convenience’ sake, I will use “allowance” and “permit” interchangeably in this post). The auction held on November 25th marked the last step in the linking of their cap-and-trade systems. Since January 2014, compliance instruments are fully fungible, meaning allowances or offsets from either jurisdiction can be used by firms in California or Quebec to cover their emissions.
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