Canadian Energy Law : Lawyers & Attorneys for Environmental Energy Law

Kirsten Iler and Ruth Elnekave

On March 10, 2008, the Government of Canada released much anticipated details of its Regulatory Framework for Industrial Greenhouse Gas Emissions, part of its Turning the Corner climate change plan first announced in April 2007. The framework document and accompanying policy documents (the Framework) set out mandatory intensity-based (i.e., per unit of production) reduction targets, details of certain compliance mechanisms, and new measures to address Canada's leading industrial greenhouse gas (GHG) emitting sectors: electricity and oil and gas. A significant aspect of the Government's announcement is its emphasis on carbon capture and storage (CCS) technology as a key solution to reduce emissions - not surprising in light of the $250 million for CCS announced in the Government's February Budget Plan.

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Harold Andersen

The Alberta government recently announced an updated climate change strategy in its January 2008 policy document, entitled "Alberta's 2008 Climate Strategy: Responsibility/Leadership/Action". The strategy calls for province-wide emissions reduction targets from current levels. Alberta is proposing cutting 20 million tonnes of greenhouse gas emissions by 2010, 50 million tonnes by 2020 and 200 million tonnes by 2050, relative to anticipated economic growth.  The strategy calls for the fostering and leveraging of carbon capture and storage technology to account for approximately 70% of the ultimate reductions, with conservation and efficiency efforts and the adoption of greener practices accounting for the remainder. Other points of interest in the strategy include the development of an Energy Efficiency Act, the development of protocols for facilities that emit over 50,000 tonnes of greenhouse gases to report their emissions, and the continued development of a carbon offset market in the Province.
 

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Alix d'Anglejan-Chatillon and Jason Streicher

The Montreal Climate Exchange (MCeX) recently announced that, subject to regulatory approval, on May 30, 2008 it plans to launch trading of its first environmental product, namely futures contracts on Canada carbon dioxide equivalent (CO2e) units. The MCeX set the launch date after the federal government's March 10, 2008 release of further details of its greenhouse gas emissions regulations.

It is expected that the emissions reductions credits and offset credits under the federal government's proposed greenhouse gas regulatory scheme will be the two sources for futures contracts on Canada CO2e units. Units of each of these two types of domestic credits (which will represent an equivalent emission of one metric tonne of CO2e) will be the underlying interest of the CO2e futures contracts traded on the MCeX.

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Phil Griffin

In November 2007, the British Columbia (B.C.) Legislature enacted initial legislation respecting the reduction of greenhouse gas (GHG) emissions. The Greenhouse Gas Reduction Targets Act, which came into force on January 1, 2008, establishes targets of a 33% reduction below 2007 GHG emission levels by 2020, and an 80% reduction below 2007 emission levels by 2050. It also requires that realistic, economically viable interim targets for 2012 and 2016 be established by the Minister of Environment by the end of 2008, and that the provincial government itself become carbon neutral by 2010.
 

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