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California, Quebec move to cross-carbon trade

Posted by: Schultz on Thursday, 10 May 2012

The state of California and province of Quebec moved to knit together their fledgling carbon markets yesterday as California proposed a new regulation allowing cross-border trading of the permits that industries must acquire to cover their emissions of greenhouse gases, the New York Times reported.

It is the first cross-border carbon trading system created since 2005, when the European Union introduced such a trading network to help it meet emissions limits set by the Kyoto Protocol, a treaty that went into effect that year.

For advocates of market-based systems, the linking of the two systems is a significant step forward. But the move, involving just one state and one province, underscores the incremental and scattershot way that governments are generally adopting regulations to slow climate change.

Read more: http://www.nytimes.com/2012/05/10/business/energy-environment/california-and-quebec-to-allow-cross-border-trading-of-emissions-permits.html