IISD Endorses Canadian Carbon Principles
WINNIPEG — The International Emissions Trading Association's (IETA) Canadian Working Group on the Carbon Market, which includes IISD, has agreed, togther with the government of Canada, to a set of principles for the design and functioning of a market for greenhouse gas emission compliance instruments in Canada.
The principles, signed by the Honorable Herb Dhaliwal, Minister of Natural Resources Canada, and Bob Page, Chairman of IETA and Vice President, Sustainable Development, TransAlta Corp., and a member of IISD's Board of Directors, bring Canada a step closer to developing a functioning carbon market.
IISD's corporate partners in this initiative include Alcan, B.C. Hydro, BP, Climate Change Central, Co2e.com, Conoco Phillips, Davies Ward Phillips & Vineberg LLP, Dofasco, DuPont, ICF, Lafarge, MacLeod Dixon, Natsource, Noranda Falconbridge, Ontario Power Generation, Petro Canada, Shell, Suncor, The Royal Bank of Canada and TransAlta.
"We're pleased to be part of this group. It's vital that Canadian industry and government can work together to address the climate change issue," said John Drexhage, IISD's Director of Climate Change and Energy. "These shared principles are just a first step, though. The implementation of an effective domestic emissions trading system will require a great deal of effort and commitment."
The 12 Principles for the Canadian Carbon Market include sustainability, innovation, the role of price signals, international consistency, certainty and transparency.
The domestic emissions trading system will be one of the important tools available to large final emitters, such as power, oil and gas and certain manufacturing industries, in meeting the reduction of 55 million tonnes of GHG emissions under the Government of Canada's Climate Change Plan for Canada. A domestic emissions trading system promises to help meet Canada's Kyoto targets to reduce GHG emissions by six per cent from 1990 levels by the period 2008 to 2012. The Kyoto Protocol was ratified by Canada on December 17, 2002.
A domestic emissions trading system is one of the mechanisms providing industry with flexible options for meeting GHG targets in an economically efficient manner by promoting price discovery, rewarding innovation, supporting the competitiveness of Canadian industry and providing incentives for the development of low-emissions technologies. Designing an effective and efficient domestic emissions trading system is therefore an important element in efforts to balance climate change commitments and a healthy economy.
The Principles for the Canadian Carbon Market are available online at http://www.ieta.org.
About IISD
The International Institute for Sustainable Development (IISD) is an award-winning independent think tank working to accelerate solutions for a stable climate, sustainable resource management, and fair economies. Our work inspires better decisions and sparks meaningful action to help people and the planet thrive. We shine a light on what can be achieved when governments, businesses, non-profits, and communities come together. IISD’s staff of more than 250 experts come from across the globe and from many disciplines. With offices in Winnipeg, Geneva, Ottawa, and Toronto, our work affects lives in nearly 100 countries.
You might also be interested in
COP 29 Outcome Moves Needle on Finance
In the last hours of negotiations, concerted pressure from the most vulnerable developing countries resulted in an improved outcome on the finance target, with a decision to set a goal of at least USD 300 billion per year by 2035 for developing countries to advance their climate action.
The Hidden Clauses That Can Hinder Tax and Investment Policy Reform
Stabilization clauses should no longer automatically be included in contracts between states and investors. If they are, they should, at a minimum, build on the latest international standards on stabilization to avoid being a barrier to sustainable development.
Coalition against fossil fuel subsidies expands but misses initial targets
The UK, Colombia, and New Zealand have signed on to a coalition of governments aiming to phase out fossil fuel subsidies, joining 13 other mainly European nations in the alliance. IISD's Vance Culbert said that half a dozen more countries—including "a few larger economy developing countries"—are talking privately to them about joining too.
Europe’s Dash for Gas in Africa puts Private Profits First
Europe’s demand for gas is contributing to expansion of LNG projects in Mozambique, Nigeria, and Senegal. This favours the interests of European oil and gas companies over those of African countries, a new report shows.