Act now to get credit for early action!

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Source: GLOBE Foundation

On June 28, 2008, the Government of Canada launched the first phase of the Credit for Early Action Program (the 'Program'), which forms a part of its Turning the Corner Plan to cut greenhouse gas emissions. Phase I of the Program is now open and applicants are required to submit a notice of interest prior to July 28, 2008

The Program is designed to recognize facilities in Canada that could be subject to the proposed industrial air emissions regulations in 2010, but which took verified measures between 1992 and 2006 to reduce greenhouse gas emissions beyond usual business conditions.

Such facilities will be recognized through a credit system, with a maximum of five megatonnes of early action credits to be allocated for use in each of 2010, 2011 and 2012. The Program seeks to address any disadvantage that a facility could incur for having undertaken an incremental action to reduce greenhouse gases before the proposed regulatory regime was set out.

The Program will provide a one-time allocation of credits in recognition of greenhouse gas reductions achieved by facilities that could be subject to the proposed industrial air emissions regulations in 2010.

The early action credit budget is 15 megatonnes of carbon dioxide equivalent. A pro rata allocation will be used if the eligible reductions exceed the 15 megatonnes.

A maximum of five megatonnes of early action credits will be allocated for use in each of 2010, 2011 and 2012.

The Program will be implemented in three phases:

Phase I of the Program is now open. Applicants are required to submit a notice of interest prior to July 28, 2008 and an initial information submission template no later than September 5, 2008 in order to be considered for the Program.

These documents must be submitted to Environment Canada in order to participate in Phase II of the Program. Phase I is intended to generate information that will allow for the total possible claims on the early action budget to be estimated.

Phase II of the Program will run from February to April 2009. In this phase, applicants will provide information necessary for the one-time allocation of the 15 megatonne total budget of credits. Early action credits will be allocated to successful applicants in Phase III, which is anticipated to occur in July 2009.

If your company has taken greenhouse gas reduction measures between 1992 and 2006 that may be eligible under the Program for early action credits, submissions should be made as soon as possible to meet the July 28 deadline to submit a notice of interest to participate in the Program.

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