Press Release

QUÉBEC AND CALIFORNIA HOLDING COURSE TOWARD A COMMON CARBON MARKET

Québec, June 29, 2012 - “Québec and the State of California are intensifying their collaboration toward holding the first common auction in early 2013.” That was stated firmly by Pierre Arcand, the Minister of Sustainable Development, Environment and Parks, after the announcement of a decision by the California Air Resources Board (CARB) to put off till autumn the adoption of a regulation that would link its carbon market to Québec’s.

The CARB decision is aimed at satisfying a new provision adopted by the California State Legislature, requiring that the Québec rules be shown to be at least as strict as California’s. This provision, which requires the publication of a report by the Governor of California, results in a delay of forty-five days, putting off until September 2012 a new decision of the CARB.

“I well understand the challenges facing the California legislators, and I am confident that the Governor’s report will show that the two sets of regulations have similar requirements. Till then, we are actively pursuing our commitment to setting up a carbon market in collaboration with the State of California and the other partners in the Western Climate Initiative,” assured Minister Arcand. He added, “At Rio+20 recently I saw for myself the keen interest in questions related to the carbon market throughout the world.”

The implementation of a cap-and-trade system for greenhouse gas emission rights is one of the major components put in place by the Govenment of Québec toward achieving the greenhouse gas reduction target of 20% below 1990 levels by 2020.

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