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

Section 70.6 Disposition versions

2021-07-15

70.6. If a partner entity cancels offset credits held in the account of an emitter or a participant registered pursuant to this Regulation, the Minister notifies the emitter or participant of his intention to cancel the offset credits, in accordance with the second paragraph of section 46.12 of the Environment Quality Act (chapter Q-2). After the offset credits concerned have been cancelled, they are transferred into the Minister’s invalidation account to be surrendered to the partner entity.

If a partner entity cancels offset credits that were used for emitter compliance purposes, the Minister notifies the emitter, who must, within 6 months after receiving the notice, replace the cancelled offset credits by placing an equivalent number of emission allowances in its compliance account. The emission allowances are deducted in the order prescribed in section 21 and placed in the Minister’s retirement account to be extinguished. The cancelled offset credits recorded in the Minister’s retirement account are transferred into the Minister’s invalidation account to be surrendered to the partner entity.

If the emission allowances required under the second paragraph are not placed by the emitter within the prescribed time, the provisions of sections 22 and 23 apply, with the necessary modifications, and the year of issue of the emission allowances is not taken into account.

O.C. 1184-2012, s. 45; O.C. 902-2014, s. 43; O.C. 1125-2017, s. 39; O.C. 824-2021, s. 4.

2017-11-29

70.6. (Revoked).

O.C. 1184-2012, s. 45; O.C. 902-2014, s. 43; O.C. 1125-2017, s. 39.

2014-10-22

70.6. The first project report referred to in the second paragraph of section 70.5 must include a declaration from the promoter attesting

(1)  that the promoter is the sole owner of the GHG emission reductions resulting from the project; if several parties are involved in the project, a copy of an agreement indicating that the parties have transferred their rights with respect to the reductions to the promoter must be included; and

(2)  that the promoter has not applied for credits for the GHG emission reductions targeted by the project under another GHG emission reduction program, and will not make such an application once the project is registered.

O.C. 1184-2012, s. 45; O.C. 902-2014, s. 43.

2012-12-19

70.6. The application for registration referred to in section 70.5 or 70.7 must include a declaration from the promoter attesting

(1)  that the promoter is the sole owner of the GHG emission reductions resulting from the project; if several parties are involved in the project, a copy of an agreement indicating that the parties have transferred their rights with respect to the reductions to the promoter must be included; and

(2)  that the promoter has not applied for credits for the GHG emission reductions targeted by the project under another GHG emission reduction program, and will not make such an application once the project is registered.

O.C. 1184-2012, s. 45.