Environment Canada

Environment Canada

March 14, 2008 15:11 ET

Baird and Fortier Welcome Carbon Market Announcement by Montreal Climate Exchange

OTTAWA, ONTARIO--(Marketwire - March 14, 2008) - Canada's Environment Minister, John Baird, and the Regional Minister for Montreal, Michael M. Fortier, commented today on the announcement by the Montreal Climate Exchange that it intends to move ahead with launching trading on Canada's first carbon market, subject to regulatory approval.

"I am pleased to see that organizations like the Montreal Climate Exchange are moving full steam ahead to set up Canada's first carbon market," said Minister Baird. "As the Montreal Climate Exchange noted, our Government's announcement on Monday of the details on our greenhouse gas emissions plan has allowed them to move forward and start trading."

On March 11, Minister Baird made public the details of the Turning the Corner plan to reduce greenhouse gases an absolute 20% by 2020. This included details and rules of the regulations, including carbon trading, offsets, a technology fund, and a credit for early action program.

"This is a good day for Montreal and for Canada," said Minister Fortier. "The Montreal Climate Exchange has certainly taken a lead role in Canada towards setting up a carbon market, and I'm pleased to see that they are moving ahead. With tools like carbon trading available in our Turning the Corner plan, it's clear that our Government's actions in fighting climate change are on the right track."

Budget 2008 included $66 million over two years to set up key features of the regulations around the Turning the Corner plan, including an electronic tracking system for units traded in the carbon market.

"The Government of Canada believes in the commitment, ingenuity and willingness of Canadians to tackle the challenge of climate change while continuing to grow our economy," concluded Minister Baird. "I believe today's announcement demonstrates that clearly."

Egalement offert en francais

Contact Information

  • Office of the Minister of the Environment
    Eric Richer
    Press Secretary
    Environment Canada
    Media Relations
    Office of Minister Michael M Fortier
    Jacques C. Gagnon
    Director of Communications
    Cell: 514-713-7303