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Why you should be happy about Quebec's carbon market, coming soon

Quebec's environment and industry ministers have released a draft bill to bring in a cap-and-trade system for greenhouse gas emissions by 2012. 

Quebec will be one of the first jurisdictions in North America – along with California and British Columbia – to set up a carbon market.

The system will establish emission limits for companies that emit more than 25,000 tonnes of greenhouse gases a year. Companies that fail to meet these limits will face fines and other penalties.

As the Montreal Gazette explains, this legislation will initially affect about 100 companies, in such fields as cement and aluminum, that are responsible for 88% of industrial emissions in the province.

In the absence of clear federal leadership on the environment, we are happy to see regional governments taking action.

This system will promote energy efficiency, reduce oil consumption and boost our emerging clean energy sector.

Another step forward in the fight against climate change!