Cap and Trade System Needs More to be Fair and Effective | Ecology Action Centre

Cap and Trade System Needs More to be Fair and Effective

Ecology Action Centre Releases Position Statement on Nova Scotia Cap and Trade Regulations

FOR IMMEDIATE RELEASE, November 14, 2018

K’JIPUKTUK (Halifax) – Today, the Nova Scotia Government released regulations and further details for the Nova Scotia Cap and Trade program. This follows the announcement of the final system on October 23, 2018, in tandem with the Federal Government’s announcements on carbon pricing nationwide.

“We welcome the introduction of a carbon pricing system in Nova Scotia, but much more needs to be done to ensure it is effective and equitable,” says Stephen Thomas, Energy Campaign Coordinator with the Ecology Action Centre (EAC).

The Nova Scotia Government says the system will be responsible for 650,000 tonnes of provincial greenhouse gas reductions over four years – or an annual reduction of about 1%. Thomas says that reduction is not strong enough to keep global warming below 1.5°C, the amount needed to avoid catastrophic climate change according to the latest report from the Intergovernmental Panel on Climate Change.

“We need to get serious about reducing emissions and creating jobs in this province. We need ambition, and we need leadership,” says Thomas.

Under the new system, Industries still get the vast majority of their emissions credits for free, but some credits from electricity and fossil fuel suppliers will now be auctioned. The money raised at auction will go into a new Nova Scotia Green Fund. The province estimates the fund will raise between $25M and $30M each year for low-carbon programming. The rules for how the fund works and how it will be spent will be developed in 2019.

“We think that collecting revenue into the Green Fund is a good thing under this system, and we should work to increase the amount that polluters are paying into the system over time,” says Thomas. “It’s critical that we have broad, public consultations and input into the Green Fund. It’s an exciting prospect for supporting low- and middle-income households, emissions reductions projects and capacity around work on climate change in Nova Scotia.”

The province also released a 2030 greenhouse gas reduction “target” of between 45% and 50% below 2005 levels by 2030 (12.7 Mt to 11.6 Mt) – which has been the business-as-usual projections for Nova Scotia since before any additional emissions reductions programs like Cap and Trade.

The EAC is a partner on the 2030 Declaration, which calls for ambitious climate change targets for 2030, and support for workers and communities transitioning to the green economy. The 2030 Declaration target of 50% below 1990 levels by 2030 (9.8 Mt) is estimated to create more than 30,700 jobs in Nova Scotia.

Thomas says much work remains to ensure we reduce emissions in a way that creates jobs, supports communities and meets science-based climate change targets in Nova Scotia. “We need to work quickly to diversify our energy sources in Nova Scotia in ways that supports job-creating local industries like renewables and efficiency.”

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CONTACT:
Stephen Thomas
Energy Campaign Coordinator, Ecology Action Centre
902 441 7136        stephen@ecologyaction.ca

 

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