Davis LLP releases Climate Change Law Bulletin on the proposed Canadian Offset System

As discussed previously, Canada's Environment Minister Jim Prentice announced on June 10 that the Federal Government will be moving forward with its Offset System for Greenhouse Gases. On June 12, the government released two draft guides for the proposed system: Program Rules and Guidance Project Proponents and Program Rules and Verification and Guidance for Verification Bodies. The new documents provide details for those looking to enter the carbon market and describe the government's plan for the certification and issuance of offset credits for greenhouse gas reductions. Issue 8 of the Davis LLP Climate Change Law Bulletin summarizes these new guidance documents and discusses what they mean for Canadian businesses.

The two new guidance documents complement the draft Guide for Protocol Developers for Canada's Offset System for Greenhouse Gases, released last August (and discussed here), which proposed requirements for developing offset protocols under the federal system. All three Offset System guides are expected to be finalized by fall of 2009.