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The Government of British Columbia introduced a carbon tax in 2008. [60] British Columbia was the first Canadian province to join the Western Climate Initiative (WCI), which was established in February 2007 by the governors of Arizona, California, New Mexico, Oregon, and Washington to reduce greenhouse gas emissions.
Petroleum product use in British Columbia declined after the implementation of the carbon tax in 2008. The British Columbia carbon tax has been in place since 2008. It is a British Columbia policy that adds additional carbon taxes to fossil fuels burned for transportation, home heating, and electricity and reduces personal income taxes and corporate taxes by a roughly equal amount.
Most of the plan's funding is projected to come from BC's carbon tax. [14] For buildings, the BC Building Code was amended to make all buildings “net zero energy ready” by 2032, the natural gas grid must contain 15% RNG and the province will assist in funding efficiency upgrades. For industry, the government agreed to help fund clean energy ...
Forestry carbon credits are based on the measurement of forest growth, which is converted into carbon emission reduction measurements by government ecological and forestry offices. [115] Owners of forests (who are typically rural families or rural villages ) receive carbon tickets (碳票; tan piao ) which are tradeable securities.
Western Climate Initiative, Inc. (WCI) is a 501(c)(3) non-profit corporation which administers the shared emissions trading market between the American state of California and the Canadian province of Quebec as well as separately administering the individual emissions trading systems in the Canadian province of Nova Scotia and American state of Washington.
BC has announced many ambitious policies to address climate change mitigation, particularly through its Climate Action Plan, [100] released in 2008. It has set legislated greenhouse gas reduction targets of 33% below 2007 levels by 2020 and 80% by 2050. [101] BC's revenue neutral carbon tax is the first of its kind in North America.
Carbon Manna [40] is a proposed scheme that will use proceeds from pre-selling credits from bundled emissions reduction projects to reimburse users directly or to enroll them in the successful mobile phone currency M-PESA being used in developing countries to reduce monetary transaction costs and hedge against currency fluctuations.
Carbon pricing (or CO 2 pricing) is a method for governments to mitigate climate change, in which a monetary cost is applied to greenhouse gas emissions.This is done to encourage polluters to reduce fossil fuel combustion, the main driver of climate change.
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