As of January 2023, Nova Scotia will begin replacing its cap-and-trade system with an output-based pricing system in order to comply with federal carbon pricing regulations. The Canadian province will conduct two more auctions in 2023 as well as a Reserve sale to allow compliance entities to obtain carbon allowances for any outstanding emissions.
In 2018, the Canadian federal government under Prime Minister Justin Trudeau, implemented a national carbon pricing backstop system intended to reduce greenhouse gas emissions throughout the country. Under the regulation, each Canadian jurisdiction must im…
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