News release

Carbon Offset Fund for Environment, Economy

Environment (April 2008 - Feb. 2021)

On the 40th anniversary of Earth Day, the province introduced a bill today, April 22, to create a voluntary carbon offset fund to help reduce greenhouse-gas emissions and expand the green economy.

The fund will give Nova Scotians and businesses an opportunity to be part of the solution to addressing climate change.

"This is an opportunity for business and for investment in our province's green economy," said Sterling Belliveau, Minister of Environment. "We think Nova Scotian businesses have much to contribute to help our province meet its climate change targets."

The bill, entitled An Act to Establish the Nova Scotia Voluntary Carbon Emissions Offset Fund, will create a fund to support projects that reduce harmful air emissions.

"It is a way for Nova Scotians to invest here at home and to help build a better life for families in all regions of the province," said Mr. Belliveau. "The carbon offset fund will help the province move forward to a low carbon economy."

Companies and organizations will be able to develop and register Nova Scotia-based projects that will deliver emission credits to the fund that will then be offered for sale.

"We are tremendously excited about a voluntary offset market for Nova Scotia businesses," said Emily Richardson, Carbon Services manager with Carbon Sense Solutions Incorporated, a Nova Scotia-based company.

"A strong understanding of carbon emissions, and the role they play in productivity and efficiency, can only improve competitiveness in the global marketplace. We believe that a provincial offset market provides a unique opportunity for leading businesses to capitalize on forward-thinking sustainability programs."

Businesses, organizations and people will be able to purchase emissions credits from the fund to offset their greenhouse gas emissions.

One carbon credit will fund the removal of one tonne of carbon emissions from the atmosphere.

An emissions credit is applied against the purchaser's carbon footprint which is the amount of greenhouse gas they produce.

Voluntary offset funds, in varying forms, are used in many countries and other provinces.

Regulations will be forthcoming. The fund is expected to be in operation by spring 2011.

The Environmental Goals and Sustainable Prosperity Act commits the province to reducing greenhouse gas emissions in the province to 10 per cent below 1990 levels by the year 2020. The government expanded the act's goal on renewable energy to ensure that 25 per cent of the province's electricity comes from renewable sources by 2015.

The carbon offset fund will complement the province's ongoing climate change initiatives.

For more information visit www.climatechange.gov.ns.ca .