Canada launches GHG offsets system
SUMMARY
Protocol covering direct air capture technologies expected soon.
By Dale LunanPOSTED IN:
The Canadian government said June 8 it had launched a greenhouse gas (GHG) offset credit system that will give municipalities, forestry companies, agricultural producers and indigenous communities a market-based incentive to undertake projects that either prevent GHG emissions or remove them from the atmosphere.
Under the new system, registered participants can carry out projects following a federal offset protocol, which sets out a consistent approach for measuring GHG emissions reductions or removals for specific types of projects. One offset credit will be earned for each metric ton of emissions reduced or removed, and once earned, the credits can be sold to others to help them meet their own compliance goals.
The first federal offset protocol, covering landfill methane recovery and destruction, is already in effect. It allows municipalities or landfill operators the opportunity to generate offset credits by covering landfill gas and either destroying it through flaring or repurposing it into usable energy.
“Establishing a federal carbon offset market is a win-win for the economy and the environment,” federal environment and climate change minister Steven Guilbeault said. “Starting with landfills, we’re putting in place a market-based mechanism to incentivise businesses and municipalities to invest in the technologies and innovations that cut pollution.”
Four additional offset protocols are now under development in the refrigeration, forest management and agricultural sectors, while the next round will include a protocol for direct air carbon capture and storage technologies.
