Cap and trade plan for NS revealed

Nova Scotia is starting a cap and trade program in an effort to lower greenhouse emissions.

The provincial government announced on Oct. 23 businesses that put more than 50,000 tonnes of greenhouse gasses into the air have four years to meet targets of 80 to 90 percent cap of current emissions. Those that don’t meet their target would have to purchase excess capacity on an open market and auction or face stiff fines of three times the cost of purchasing in the market.

About 21 businesses are covered under the new system, affecting businesses such as Nova Scotia Power, the gas and oil suppliers and Northern Pulp.

The province predicts an increase of point one nine cents for electricity costs and 1 cent more per litre of gas at the pumps.

Over the next four years, the goal is to reduce the provinces emissions by 650,000 tonnes of greenhouse gases.