On March 6, 2021, the federal government published proposed regulations to govern offset projects: the Greenhouse Gas Offset Credit System Regulations. The proposed regulations are open for a 60-day comment period ending on May 5, 2021.
The purpose of a federal offset system is to allow industrial emitters that are subject to the federal Output-Based Pricing System (OBPS) under the federal Greenhouse Gas Pollution Pricing Act to meet their compliance obligations by investing in voluntary project activities that reduce greenhouse gas (GHG) emissions or remove GHG emissions from the atmosphere. Approved voluntary offset projects that achieve real, additional, quantified, verified, unique and permanent GHG reductions will generate emission offset credits that can then be used to “offset” compliance obligations under the OBPS.
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