California, Quebec move to cross-carbon trade
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.