Canada Could Join Forces with US for Multinational Cap and Trade
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Looks like all that climate legislatin' going on in the US right now is contagious--Canada has just announced that it will likely follow suit and move towards carbon cutting measures of its own. It will probably pursue a cap and trade to cut carbon emissions with a market based system, too. And what's more, Canada has said the two trading systems could later be linked--which is big news for anyone who's hopeful about a successful market based solution for fighting climate change. According to Bloomberg, Canada's Environmental Minister Jim Prentice said:
"We're watching very closely what the U.S. is doing," Prentice said. "We're working on the broad-brush issues at the moment." He declined to say when Canada might implement its own carbon-trading system . . . "There are still some continental issues that need to be worked out, but I'm in Washington regularly" to follow the issue.
The announcement could encourage US legislators in their pursuit of passing the climate and energy bill--which has been contentious and controversial, and debated and protested at every turn. The prospect of a multinational carbon permit market could be the incentive many in doubt need for assurance, and the EU's (admittedly problematic) system could be looked to as a precedent.
"I think we've all learned lessons from the EU," Prentice said. Canada and the EU currently are discussing environment issues as part of Canadian-EU free-trade discussions, he said.
Details of Canada's plans are still emerging, but the announcement alone is encouraging nonetheless.
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