All regulated emitters and fuel distributors in Quebec met their obligations for the 2015-2017 compliance period under the province’s cap-and-trade program, according to the Ministry of Sustainable Development, the Environment and the Fight Against Climate Change. The regulated emitters and fuel distributors had until November 1, 2018 to surrender emission allowances to cover their 2015-2017 emissions, and all of them did.
The government intends to release a more detailed compliance report in December 2018.
Emitters have three options for compliance: to reduce emissions, to purchase allowances (that are limited in number to the provincial cap) from the government, or to purchase surplus allowances on the open market. That market includes California, which also reported full compliance for the 2015-2017 period.
The third compliance period, covering the January 1, 2018 to December 31, 2020 period, is now underway and will be the first for non-regulated companies to apply to join the cap-and-trade market in Quebec.