Ontario has launched its GHG cap and trade program effective January 1, 2017, under the “Climate Change Mitigation and Low-carbon Economy Act, 2016”. The important Ontario regulations: a cap and trade regulation, O. Reg. 144/161, and a reporting regulation, O. Reg. 143/162 set out the legal framework to reduce greenhouse gases (GHGs) in the province. Th first four-year (2017 to 2020) compliance period begins January 1, 2017. An estimated 148 entities emitting 82% of Ontario GHG emissions of 172.5 Million Tons (MT) in 2017 are mandatory participants in the Ontario GHG cap and trade program. These entities are required to reduce their GHG emissions by 17.7 Mt by 2020, which would almost cover the 18.5 Mt reductions needed for Ontario to meet its 2020 target. For example, an entity emitting 500,000 tons of GHG per year are required to reduce its emission by 87,500 tons by 2020. If the entity cannot make GHG reduction internally, it has to buy carbon allowances from the market or carbon credits from carbon offset projects to meet their compliance obligation.
To develop a carbon offset project we will identify greenhouse gas (GHG) reduction project working with you. The potential project is evaluated, approved and registered in Ontario Offset Project Registry. On approval, the project is displayed on Ontario GHG Registry web-site. The potential Ontario buyers review the potential GHG reduction project and contact the project developer to negotiate a deal for buying carbon offset credits generated from the project for a 10-year cycle which may be renewal for another similar period.
Polar Design Studio (PDS) has more than 10 years of experience of developing carbon offset projects. By becoming our partner in carbon offset project you simply need to provide relevant data of your facility having carbon offset generation potential. PDS will perform all remaining steps from developing a project document, performing economic and the project additionality analysis, registering the project, finding project financier, implementing the project working with you and conducting project monitoring to quantifying the carbon offset credits generated each year. Your benefits are:
- Revenue from carbon offset project for 10 years
- Green image of your company by reducing GHG
- Helping Ontario economy to grow
- Create jobs
- Fight climate change for your future generations