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newsrel -- Air Resources Board sets date for linking cap-and-trade program with Québec

Posted: 19 Apr 2013 13:08:40
Please consider the following release from the Air Resources
Board: http://www.arb.ca.gov/newsrel/newsrelease.php?id=430

April 19, 2013


(916) 322-2990

Air Resources Board sets date for linking cap-and-trade program
with Québec

Linking with Québec marks historic step for California

Sacramento—California's cap and trade program marked a major
milestone today when the  Air Resources Board  voted to approve a
date of January 1, 2014 to officially link California’s
cap-and-trade program with that of the Canadian Province of

“The Board's action today broadens the environmental impact of
California’s cap-and-trade program and helps fight climate change
by reducing greenhouse gases,” said Air Resources Board Chairman
Mary D. Nichols. “California retains absolute control over its
own program, and the larger carbon market overall provides
additional options for California businesses.”

California and Québec have worked together over the past four
years to develop their respective cap-and-trade programs to
provide for potential linkage. That joint effort and experience
help ensure that the two programs will complement one another and
provide covered facilities in both jurisdictions with the
benefits of a larger program.

The linkage agreement also provides an opportunity to closely
monitor and fine tune these first two programs, setting the stage
for similar arrangements with other jurisdictions that are
committed to reducing greenhouse gases.

Governor Brown recently supported the Board's action when he
formally indicated that the Québec program is as stringent as
California’s, a finding required by legislation passed last year.
The Governor's decision to move forward was supported by a legal
analysis of the linkage with Québec by Attorney General Kamala
In his letter the Governor also noted that now, “CARB and the
Québec Ministry of Environment will test and evaluate their
auction platforms and trading systems to ensure that they are
fully compatible and ready to be implemented, and that linkage
can be accomplished without disruption to California’s program.”

How it works:

• Each jurisdiction will accept the other’s carbon allowances and
approved offsets for compliance under their respective
cap-and-trade program
• The two jurisdictions will share the Compliance Instrument
Tracking System Service for tracking allowances and approved
• California and Québec will share the online auction platform
• Jurisdictions will share market monitoring services and
• Both will be supported by WCI, Inc. for basic administrative
• Both will maintain control over their respective programs

Benefits to California:

• Expands environmental impact of greenhouse gas emissions
reduction effort
• Larger pool of available allowances and approved offsets
• Provides additional opportunities for investment in the carbon
• Provides a template for possible future linkage with other

Next Steps:

Air Resources Board staff will work closely with their Québec
counterparts between now and the implementation date to complete
harmonization of program technology, processes and procedures in
preparation for the first linked cap-and-trade auction.

No date is yet set for the first California- Québec joint


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