More than a year after Nova Scotia passed legislation to create a provincial cap and trade program, regulations are now in effect. The new program means greater reporting for some businesses and greater opportunity for some lawyers.
“This will introduce a new category of practice. This will create an ongoing area of trade,” says Mohammad Ali Raza, a partner with Cox & Palmer in Halifax.
“There will be trade deals,” he adds. “There are strong provisions to limit insider trading. Lawyers will need to advise on this.”
Under the regulations, companies over the accepted threshold must report their greenhouse gas emissions. The amended Environment Act (Nova Scotia) requires facilities that generate 50,000 tonnes or more of greenhouse gas emissions annually to report as well as petroleum product suppliers that place or produce a minimum of 200 litres of fuel per year for consumption in the Nova Scotia market and natural gas distributors that produce at least 10,000 tonnes a year. Electricity importers with 10,000 tonnes or more of emissions a year will also be required to report.