ALBERTA STRENGTHENS CLIMATE REGIME

06/29/2015

The Canadian province of Alberta announced new regulations designed to meet increased emissions reduction targets and extend its climate change program over the next two years. The Ministry of Environment and Parks intends to increase the province's excess carbon price by 50% and to raise emissions reduction targets to 20% of normal emissions by 2017. The rules, due to expire at the end of June, also extend the climate program through 2017. A spokesman for Alberta's oil industry, which is the largest source of oil imports for the United States, claimed the rules, coupled with a provisional corporate tax increase, would add almost $650 million in costs for the industry over the next two years. However, the provisional government is not finished with the issue. The ministry has convened a panel tasked with drafting new rules to go into effect after 2017, which are scheduled to be released before the United Nations Paris climate talks in December of this year.Ā For the full story, see http://uk.reuters.com/article/2015/06/25/us-canada-alberta-carbon-idUKKBN0P528U20150625.