Nova Scotia becomes new ICAP member.
ICAP is delighted to welcome the Canadian province Nova Scotia as its 32nd member. The Nova Scotia Minister of the Environment, the Honourable Gordon Wilson, signed the ICAP political declaration on 16 October 2020.
Nova Scotia has been operating a cap-and-trade program since 1 January 2019. The cap-and-trade program regulates the industry, power, heat (buildings), and transport sectors and covers approximately 80% of GHG emissions in Nova Scotia.
Caps are set annually with a four-year compliance period (2019-2022). Majority of emissions allowances are allocated through free allocation and the rest are sold through auctions, which take place two to four times per calendar year. The last auction was held on 2 December 2020. The auction settled at CAD 24.70 (USD 19.36), nearly 23.5% above the 2020 minimum price of CAD 20 (USD 15.07).
Since May 2018, Nova Scotia has been a member of the Western Climate Initiative, which provides technical support for Nova Scotia’s cap-and-trade program.
