Canada’s Minister of Environment and Climate Change has announced a new protocol called the Reducing Greenhouse Gas Emissions from Refrigeration Systems that is able to generate offset credits under Canada’s Federal Greenhouse Gas Offset Credit System. Basically, the refrigeration system protocol incentivizes businesses to upgrade their air conditioning and refrigeration (AC&R) systems to ones that use refrigerants with lower global warming potential (GWP) by offering them offset credits for these projects.
One credit represents the reduction or removal of one ton of carbon dioxide equivalent (CO2e) from the atmosphere. Businesses must demonstrate that their CO2-reduction projects reduce CO2 over and above what is legally required and are not already receiving other incentives from carbon pollution pricing. Emission reductions must be able to be quantified and verified and represent permanent reductions.
The credits can be used by businesses to help with compliance costs or sold to other businesses. Business categories eligible for this protocol include office buildings, supermarkets, shopping centers, cold storage warehouses, food processing plants, and ice rinks.
The protocol is designed to support achievement of the government’s 2030 Emissions Reduction Plan, which seeks to reduce GHG emissions in Canada by 40% by 2030 and reach net-zero emissions by 2050, compared with 2005 levels. “The new Greenhouse Gas Offset System for refrigerants encourages all sorts of companies to upgrade their AC&R systems to ones that are better for the environment, while rewarding them with a tradeable credit in the process. This is just one more way in which we’re working with Canadians to build competitive local economies and resilient communities,” stated Steven Guilbeault, Minister of Environment and Climate Change.
Post time: May-19-2023