Carbon market: Québec’s approach saluted as a model by Canada’s Ecofiscal Commission

Québec, April 7, 2015 – The Minister of Sustainable Development, Environment and the Fight against Climate Change,David Heurtel, enthusiastically welcomes the new report issued by Canada’s Ecofiscal Commission, which states that provincial carbon pricing will enable Canada to remain competitive in a rapidly evolving world economy. The Commission, which is comprised of veteran independent Canadian public policy economists, affirms that in the current context, Québec’s approach should be seen as a model that other provinces would benefit to follow.

Entitled The Way Forward: A Practical Approach to Reducing Canada’s Greenhouse Gas Emissions, the report makes a number of recommendations to Canadian provinces, including implementing carbon pricing policies that are customized to each one’s unique circumstances. In the view of Canada’s Ecofiscal Commission, reducing greenhouse gas (GHG) emissions needs to move forward throughout the country, because the longer we wait, the higher will be the cost to Canadians. The report also underlines Québec’s approach to fighting climate change, the centrepiece of which is the carbon market, and discusses its positive related aspects:

• The efficacy of Québec GHG emission reductions, which also energizes progress all across Canada

• The flexibility provided to GHG emitters in determining the lowest-cost method of reducing their emissions

• The quantitative certainty it provides with respect to GHG reduction

• Its commitment to intensify reduction efforts over time

• The utilisation of the carbon market’s income to increase efforts in thefight against climate change by supporting the transition to a low-carbon economy

• The potential it offers for coordination with other markets as it looks to broaden its field of endeavour and harmonize prices

Like Canada’s Ecofiscal Commission, Minister Heurtel is convinced that Québec has a major role to play in the fight against climate change: “The Green Fund, whose funds largely stems from carbon market income, enables the Government of Québec to support its businesses, municipalities and private citizens in transitioning to a low-carbon world. In addition to fostering the re-launch and sustainable development of our economy, the carbon market enables us to fight climate change together and ensure that our children have an optimal quality of life,” he declared.

Québec per-capita GHG emissions are the lowest among all Canadian provinces. Its carbon market is now bringing new gains, since as of this year it also targets distributors of fossil fuels and combustibles, and currently covers approximately 85% of GHG emissions in the province. Moreover, the totally of income generated by the auctions of emission credits is reinvested in the implementation of the 2013-2020 Climate Change Action Plan, which will have 3.3 billion dollars by 2020 at its disposal to fund measures aimed at reducing GHG emissions and helping Québec society adapt to the consequences of climate change.
Québec Premier Philippe Couillard also announced yesterday that his government will host representatives from all Canadian provinces and territories at a major summit on climate change in Québec City on April 14. In addition to encouraging expertise and know-how sharing, the summit will provide an opportunity to work together and determine the best solutions for putting Canada front and centre in the worldwide fight against climate change.

– 30 –

SOURCE:
Guillaume Bérubé
Press Officer
Cabinet of the Minister of Sustainable Development,
Environment and the Fight against Climate Change
Tel.: 418-521-3911

INFORMATION :
Media Relations
Ministère du Développement durable,
de l’Environnement et de la Lutte contre
les changements climatiques
Tel.: 418-521-3991