Market Created for Emission Reductions in all Sectors of the Economy.

This article informs that the Government of Canada took another step to honour its Kyoto commitment with the proposal for a domestic offset credit system, which will reward innovation and provide incentives to reduce greenhouse gas emissions. As promised under the document "Moving Forward on Climate Change: A Plan to Honour Our Kyoto Commitment," the Government has issued a paper setting out the system's proposed rules. The proposed system will encourage innovative Canadian projects that use new practices and technologies to reduce greenhouse gas emissions. Companies, governments, organizations or citizens undertaking such projects provided they meet the criteria to be finalized following consultations will be awarded credits. As a key part of the Canada Climate Change Plan, the Offset System represents further progress under Project Green, a set of policies and programs aimed at supporting a sustainable environment and a more competitive economy. Along with climate change, it will address a range of environmental issues, including biodiversity, water, contaminated sites and clean air.