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Most of the large integrated forest product companies in BC have been tracking their GHG emission reductions for a number of years through the Federal Voluntary Challenge Program. The industry expected that it would receive credit for these ?early actions? to reduce GHG emissions as a result of numerous promises of encouragement made by Federal bureaucrats since the signing of the Kyoto Protocol agreement. However, the release of the Federal Government?s GHG Discussion Paper in July 2002 and the subsequent release of their intended policy in November 2002 indicate that these early action initiatives will not be recognized and that the Federal government will require the industry to reduce its emissions by a further 15 % before the 2008-2010 reporting deadline. Potential pulp sector earnings of $7.8 million from the sale of early action GHG credits have now become a future liability of $4.2 million. Receiving ?credit for early action? remains a fundamental demand of the forest industry in any credit trading scheme that will ultimately be devised. The Federal Government?s proposed Domestic Emission Trading (DET) system is viewed as expropriation without compensation.
BW McCloy & Associates Inc.. 2002. Potential Economic Implications of Possible Kyoto Scenarios on the BC Forest Industry
Topic: Climate Change
Keywords: Kyoto Protocol, climate change, BC forest industry, GHG emission reductions, Federal Voluntary Challenge Program
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