(As we’re based here in Vermont, Quebec’s backyard, we’ll be closely following the development of this market, and working with our allies in Quebec to stand against false solutions and shell games such as carbon trading, and push for the real solutions which actually keep the oil in the soil, the coal in the hole, and the tar sands in the land.–GEAR Media Team)
Cross-posted from Green Assets
In a move that will create the second largest carbon market in the world, Quebec is linking its cap-and-trade market with California’s in time for the carbon allowance auction scheduled for August.
California and Quebec are founding members of the Western Climate Initiative (WCI), a regional market between US states and Canadian provinces. Other WCI member territories Ontario and British Columbia are hopeful they will be prepared to engage in the market next year.
Although California’s allowance budget of 165 million allowance permits dwarfs Quebec’s 23.7 million permits, the partnership signals the potential growth that WCI can expect in the near future.
Quebec administrators are basing their program off of California’s design in an effort to ensure carbon allowances will be interchangeable between member states.