Montréal, September 14, 2011 – In light of the public consultation on the draft regulation for the greenhouse gas (GHG) cap-and-trade system initiated by Pierre Arcand, Minister of Sustainable Development, Environment and Parks Raymond Chabot Grant Thornton is releasing its memorandum.
“With this system, Quebec businesses will have the opportunity to begin preparing this fall for the anticipated implementation of the cap-and-trade system in 2012 as well as for the transition period leading to the GHG emission regulations enforcement in January 2013,” commented Roger Fournier, Lead Senior Director, Environment, Greenhouse Gas Emissions and GHG certification specialist with Raymond Chabot Grant Thornton.
The emission allowance market, which is currently being created in association with the states of California and New Mexico as well as the provinces of Ontario and British Columbia, looks promising for Quebec enterprises. Once it is regulated, we hope that its real advantages will prove beneficial for Quebec entrepreneurs.
“While the province’s draft legislation does need some fine-tuning, Quebec enterprises should benefit from its implementation. Since the proposed system accepts offset credits for up to 8% of emissions of regulated enterprises, we believe that this will create a business opportunity for other Quebec enterprises that have reduced their emissions and may, therefore, sell offset credits,” concluded Mr. Fournier.
To view the memorandum: www.rcgt.com/memorandum-ghg
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 30 years now, our Firm has 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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