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07 Jul 08
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Starting from July 1, 2007 Alberta facilities that emit more than 100,000 tonnes of greenhouse gases a year will be required to reduce their emissions intensity by 12 per cent under the Climate Change and Emissions Management Amendment Act.
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Climate Change and Emissions Management Fund.
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The regulations apply to about 100 large facilities which emit more than 100,000 tonnes of greenhouse gases a year. Those facilities account for about 70 per cent of Alberta's industrial greenhouse gas emissions.
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The annual cost of compliance is estimated to be $177 million - or less than one tenth of one per cent of Alberta's nominal GDP ($242 billion in 2006).
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A facility can purchase credits from large emitters that have reduced their emissions intensity beyond their 12 per cent target.
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They can also purchase credits from facilities whose emissions are below the 100,000-tonne threshold but are voluntarily reducing their emissions
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A third option would be for companies to pay $15 for every tonne over their reduction target. The money will be put into the Climate Change and Emissions Management Fund, which will be directed to strategic projects or transformative technology aimed at reducing greenhouse gas emissions in the province.
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