Thursday, September 15, 2011

GHG emissions offset program launch date unknown causing uncertainty in oil and gas industry in Saskatchewan

The Management and Reduction of Greenhouse Gases Act (the “Act”) passed third reading in the Saskatchewan provincial legislature in May 2010. After passing third reading a Bill can be proclaimed law and receive Royal Assent anytime thereafter - this has not yet happened in the province of Saskatchewan.

Somewhat surprisingly there seems to be little pressure from the provincial government or environmental groups to proclaim the Act law. However, business requires certainty as to government regulation and with the booming oil and gas sector in the province of Saskatchewan responsible for the majority of GHG emissions it would certainly be beneficial to all stakeholders to implement this legislation as soon as possible so that business in the province can plan accordingly.

The Act will create an emissions trading system giving regulated emitters the option to purchase emission offsets or make a carbon compliance payment into a technology fund in order to invest in solutions and research into greenhouse gas emission reduction in the province.

The full version of Bill 195 is available here:

No comments:

Post a Comment