Amendments to the Environment Act allow the Nova Scotia government to create a cap-and-trade program and the regulations to support it. The amendments, released on November 14, detail how the program will run. For example, they establish:
Who is required to report emissions and participate in cap-and-trade?
The following types of companies must report their GHG emissions, get them verified by a third party, and participate in the cap-and-trade program:
Reporting regulations
The rules for reporting GHG emissions are outlined in:
How to report
Companies must submit GHG emissions reports and any additional information listed in the regulations and standards to Nova Scotia Environment at GHGreporting@novascotia.ca.
Greenhouse gas emissions reports must be verified by an accredited third-party organization. Lists of eligible verification bodies are available at:
Reporting deadlines
In 2019, the deadline for submitting GHG emissions reports and verification statements are:
Starting in 2020, GHG emissions reports and verification statements/reports will be due on May 1.
Impact
The Nova Scotia government says its cap-and-trade program will have some economic impacts while encouraging innovation and enhancing competitiveness to the benefit of Nova Scotia’s economy. It also says its cap-and- trade program is designed to reduce emissions at the lowest cost to companies and consumers. The province says it will work with stakeholders to lower costs and increase benefits while ensuring there is flexibility so that companies can seize the innovation and economic opportunities that arise. It adds that the proposed program will require participation as appropriate and will not target individual small businesses directly.
Registration
Participating companies must register for the cap-and-trade program in the Compliance Instrument Tracking System Service (CITSS) by March 31, 2019.
For more information on the Nova Scotia Cap and Trade program, visit: Climate Change Nova Scotia.
For all other questions or information, please contact Jean-Francois Duguay, Director, Government Relations for Atlantic Canada at 506-480-0275 or jeanfrancoisduguay@propane.ca.