Last week legislators in British Columbia introduced a cap-and-trade bill that would limit the greenhouse gas emissions of major polluters in the region.
The Cap and Trade Act is the first of its kind in Canada, and another big step in environmental leadership for the western province, which plans to cut emissions 33% by 2012.
In February B.C. proposed the first revenue-neutral carbon tax for individuals and businesses.
The Cap and Trade Act paves the way for B.C. to join Manitoba and seven states in the U.S. in the Western Climate Initiative (WCI), a regional effort established in February 2007 to create a market-based system for reducing greenhouse gas emissions.
Major details of the system are still being worked out, including which industry sectors will be included in the cap-and-trade scheme, what the emissions limits will be and whether or not emissions credits will be given away, auctioned or some combination of the two.
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