Montréal, July 7, 2011 – Raymond Chabot Grant Thornton applauds the Québec government’s announcement to implement the Western Climate Initiative’s (WCI) cap-and-trade credit system for greenhouse gas emissions. The system targets companies generating 25,000 tons and more of greenhouse gases (GHG) per year.
“ This announcement will allow Québec companies to start preparing now for the implementation of the cap-and-trade system and the transition period that will lead to enforcing the GHG regulations as of January 2013. The initiative will enable Québec to establish a schedule based on that of major WCI partners, such as California, Ontario and British Columbia,” said Raymond Chabot Grant Thornton, Lead Senior Manager, Environment, Greenhouse Gases, Roger Fournier.
“In our view, the gas emission allowance market, which is now being created in cooperation with the states of California and New Mexico and the provinces of Ontario and British Columbia, is excellent news for Québec companies. Once it is regulated, this market will benefit our entrepreneurs, who can capitalize on the advantages of a regulated market. The proposed system accepts up to 8% in offset credits for regulated entity emissions. We see this as a business opportunity for other Québec enterprises that will have reduced their emissions and, consequently, will be able to sell those offset credits,” added Advisory Partner, Gérald Daly.
In addition, implementation of the regulation in various North American markets should significantly benefit Québec companies using renewable energy. Thanks to our locally produced hydroelectricity, Québec companies enjoy a very low carbon balance sheet compared to their competitors in the United States and other Canadian provinces, which must deal with much more polluting energy sources.
“ Such a distinctive factor constitutes a real positioning opportunity for our companies, particularly in a market where responsible supply linked to sustainable development are favoured. A small carbon footprint is a very real comparative advantage that can be used by enterprises to set themselves,” concluded Mr. Fournier.
About Raymond Chabot Grant Thornton
Founded in 1948, Raymond Chabot Grant Thornton is a leader in the fields of assurance, taxation, consulting, business recovery and reorganization services. The Firm owes its success to a team of over 2,000 people, including over 225 partners in more than 90 offices in Quebec, eastern Ontario and New Brunswick. The scope of its network has made the Firm the leader in its sector of activities. Additionally, for more than thirty years now, our Firm has also been a member of Grant Thornton International Ltd., providing its clientele with access to the expertise of member and correspondent firms in over 100 countries.
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