Nova Scotia (Canada) tabled a new legislation which sets the stage for the introduction of a new cap-and-trade regime in 2018. The government will set a cap for greenhouse gas (GHG) emissions and companies will have to stay below unless they are willing to pay more in order to pollute more. However, only 20 large companies are required to participate in the system so far, of which in particular Nova Scotia Power, the Lafarge cement plant in Brookfield, Irving (Canada) along with natural gas importers and distributors. So far, the province plans to set greenhouse gas caps meant to decline each year until 2022 and price is now scheduled to be set at C$10/t at the beginning of 2018.
The Nova Scotia province has already met Canada’s target of a 30% reduction in emissions from 2005 by 2030 but is still under pressure from the Canadian government to introduce a carbon pricing system by 2018. In October 2016, the Canadian federal government announced a new Canadian-wide approach which mandates the provinces to implement a carbon pricing mechanism (either cap-and-trade or a carbon tax) by 2018.
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