Canadian Greenhouse Gas Offset Credit System Regulations

'The Canadian Greenhouse Gas Offset Credit System Regulations establish an offset credit system for projects that reduce greenhouse gases (GHGs) by preventing emissions or removing GHGs from the atmosphere. The regulations provide conditions for registering a project, requirements for proponents, issuance of offset credits, and record-keeping obligations.

The regulations apply to projects that are of a type covered by a protocol in the Compendium of Federal Offset Protocols, aim to generate real, additional, quantified, verified, unique, and permanent GHG reductions, and meet specific conditions. The crediting period for a project varies depending on its type, ranging from 10 to 30 years.

To be issued offset credits, proponents must register their projects, implement them in accordance with the applicable protocol, generate real, additional, quantified, verified, unique, and permanent GHG reductions, prepare and verify project reports, submit monitoring reports if required, and meet other conditions. The regulations also provide for the issuance of offset credits, record-keeping obligations, and requirements for keeping and retaining records.

The regulations do not apply to projects with a start date before January 1, 2017. They also establish an environmental integrity account to maintain the integrity of the offset credit system. Overall, the regulations aim to promote the development of projects that reduce GHGs and contribute to Canada's efforts to address climate change.'