For a more efficient carbon exchange
In Quebec, efforts to reduce greenhouse gas emissions are largely through the carbon market deployed in 2013 and linked to California's since 2014. Image: Getty
COP 29, which takes place in Baku, Azerbaijan, from November 11 to 22, will be a reminder that most of the world's countries are still a long way from meeting the greenhouse gas (GHG) reduction targets set by the Paris Agreement in 2015. In Quebec, these efforts are largely being made through the carbon market deployed in 2013 and linked to California's since 2014. Over time, this carbon exchange - or Cap and Trade System (CTS) - has come under fire from a number of critics. Many believe it will fall short of Quebec's 2030 target of a 37.5% reduction in GHG emissions from 1990 levels.
ESG UQAM Economics Department professor Charles Séguin is not so pessimistic. Last summer, the Advisory Committee on Climate Change, of which he is a member, issued an opinion aimed at making the SPEDE more effective. Early in 2025, the government will submit several of the committee's recommendations for public consultation in preparation for a new regulation scheduled for adoption next spring.