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The paper explains the findings of the MC3 Project (Meeting the Climate Change Challenge). This project brought together over 100 researchers, practitioners, civil-society leaders, and policy-makers, led by researchers from Royal Roads University, Simon Fraser University, and the University of British Columbia, with 12 major research partners from the public and private sectors, including the Union of British Columbia municipalities. Researchers conducted a detailed evaluation of 11 leading, yet different, municipalities across the province to identify the leading innovators and innovations on climate action. The case studies revealed the following key drivers of innovation, in order of prominence: the legislative and policy framework, supported by provincially led incentives and tools, access to partnership funding and intermediary support, and framing the issue as critically important. [ABSTRACT FROM AUTHOR]

To reduce greenhouse gas emissions from large industries the Canadian government proposed using a tradable emissions performance standard approach, where the intensity of emissions, rather than the absolute level, is regulated. Unlike a cap and trade system, an emissions performance standard does not guarantee a certain overall level of emission reductions, a fact that has led to significant criticism. However, because of the dynamics of performance standards, they may reduce concerns over reductions in international competitiveness in cases where a country has climate policies that are more aggressive than those of some of its trade partners. Likewise, a performance standard may mesh more efficiently with existing taxes and therefore cause less overall economic impact than an absolute cap and trade system. This paper considers the theoretical arguments for and against such a performance standard system and evaluates it in comparison to a cap and trade system using a dynamic general equilibrium model applied to Canada. [ABSTRACT FROM AUTHOR]