Q-2, r. 46.1 - Regulation respecting a cap-and-trade system for greenhouse gas emission allowances

Full text
23.1. An emitter who, in accordance with section 6.5 of the Regulation respecting mandatory reporting of certain emissions of contaminants into the atmosphere (chapter Q-2, r. 15), communicates a notice of correction to raise the quantity of GHG emissions reported in an emissions report filed in the previous 7 years must, for every compliance period that includes one of those years and for which the compliance deadline has expired, cover the GHG emissions that have not been covered by an equivalent number of additional emission allowances if the situation corresponds to one of the following criteria:
Criterion 1
[(GHGcorr - Allowancessurrendered)/ Allowancessurrendered] ≥ 0.05
Criterion 2
(GHGcorr - Allowancessurrendered) ≥ 5 000 metric tonnes CO2 equivalent
Where:
GHGcorr = Corrected GHG emissions, in metric tonnes CO2 equivalent;
Allowancessurrendered = Quantity of emission allowances surrendered for the compliance period to which the correction applies, expressed in metric tonnes CO2 equivalent.
Not later than 8:00 p.m. on the 180th day following the notice of correction or, if that day is not a business day, on the first following business day, the emitter must transfer into its compliance account the additional emission allowances, which must meet the following conditions:
(1)  emission allowances identified by vintage must be from the current year or a previous year;
(2)  the offset credits used, along with the offset credits already deducted for the compliance period during which the correction is recorded, must not exceed 8% of the GHG emissions to be covered for that period.
The Minister deducts the additional emission allowances required in the manner provided for in the second paragraph of section 21 and places them in the Minister’s retirement account to be extinguished.
If the additional emission allowances are not surrendered by the emitter in the time prescribed in the second paragraph, the provisions of sections 22 and 23 apply, with the necessary modifications.
No emission allowances will be reimbursed in the case of a notice of correction whose purpose is to reduce the emissions referred to in the first paragraph.
O.C. 902-2014, s. 19.