June 7, 2016
Working to Address Climate Change
Provincial Government Announces Plan for Greenhouse Gas Emissions Reductions
Greenhouse gas emissions from industrial emitters will be reduced and a new fund for clean technology will be established through the Government of Newfoundland and Labrador’s Management of Greenhouse Gas Act. The act will reduce greenhouse gas emissions in the province through a form of carbon pricing and comes after significant consultation with local large industry.
“This act will help reduce emissions and create economic opportunities for clean technology projects here at home. Climate change and energy efficiency are not just environmental issues – they are equally economic issues that can present opportunities for technology development, clean energy development and job growth. I believe we are striking the right balance with the new Management of Greenhouse Gas Act.”
- The Honourable Perry Trimper, Minister responsible for the Office of Climate Change and Energy Efficiency
The legislation provides for two years of emissions monitoring to help form reduction targets. As well, a fund will be established for supporting emissions-reduction technology, which will be 100 per cent industry-funded. This allows companies the flexibility to achieve emissions reductions at lower cost, while supporting projects that will help the province meet its greenhouse gas target. The Provincial Government is committed to working with companies and industry associations on next steps, including consulting on the development of the fund and regulations.
“We welcome the approach that the Provincial Government has developed and the importance placed on taking local circumstances into account. Consulting with industry has ensured that we have been able to bring our perspectives to the table and we look forward to further work with the government to improve our environment."
- Dan Harris, Refinery Manager, North Atlantic Refining Ltd.
Large industrial companies in Newfoundland and Labrador account for 43 per cent of greenhouse gas emissions, more than 30 per cent of GDP, and about 15 per cent of fiscal revenue.
- The Government of Newfoundland and Labrador is introducing the new Management of Greenhouse Gas Act to reduce industrial emissions.
- Emissions will be monitored for two years to help set reduction targets in consultation with industry.
- The act also establishes a new fund for clean technology which will be 100 per cent industry funded.
- Local large industry accounts for 43 per cent of greenhouse gas emissions and more than 30 per cent of GDP.
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Director of Communications
Office of Climate Change and Energy Efficiency
NARL Refining, LP
2016 06 07 11:10 a.m.