The carbon market is a recognized tool that now covers more than 50% of global GDP
Québec City, June 15, 2018 – Following the announcement this morning that the new Ontario government apparently intends to withdraw from the GHG emission cap-and-trade system, Quebec Minister of Sustainable Development, the Environment and the Fight Against Climate Change Isabelle Melançon has indicated that Quebec has made note of the decision and that the carbon market that Quebec established in 2013, which has been linked to California’s carbon market since 2014, would pursue its activities. It should be noted that even prior to Ontario’s becoming a partner, the market was recognized as one of the most efficient, rigorous markets in the world.
In this context, California and Quebec will continue to
collaborate with the Ontario government to minimize any possible disturbance in
the linked market. The California Air Resources Board (CARB) and Quebec will
work together with Ontario to coordinate the timetable, the treatment of
existing compliance tools and other repercussions of possible withdrawal from
the market. Emphasis will be placed on the maintenance of the linked carbon
market’s rigour and the integrity of the compliance tools.
Carbon pricing is an international trend
Some 21 GHG emission cap-and-trade systems are now in operation the world over. States that maintain such a mechanism account for more than 50% of global GDP and encompass nearly one-third of the world’s population.
By sharing its expertise, Quebec is contributing to the implementation of various carbon pricing systems, in particular with China and Mexico. Moreover, during his latest economic mission in France, Quebec Premier Philippe Couillard and his French counterpart Prime Minister Édouard Philippe agreed on a roadmap respecting the fight against climate change, energy and sustainable development. The roadmap indicates that Quebec and France will organize a high-level round-table conference on drawing closer together the European Union Emissions Trading System and the carbon market established between Quebec and California.
“We note the new Ontario government’s decision. We deem the carbon market to be the best way to reduce greenhouse gas emissions and generate economic growth. Furthermore, extensive collaboration is now developing with other governments interested in the market’s mechanisms and bodes well for other partnerships in the future.
As Quebec Premier Philippe Couillard has frequently emphasized, the economy and the environment go hand in hand. Governments do not have to choose between the economy, on the one hand, and environmental protection and combating climate change, on the other. We must focus on both simultaneously. This is what enables us to realize the carbon market. I am fully confident in its long-term survival.”
Isabelle Melançon, Minister of Sustainable Development, the Environment
and the Fight Against Climate Change
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