The Western Climate Initiative has released its design recommendations for a North American market-based cap-and-trade system for greenhouse gas emissions. The provinces and states in the Western Climate Initiative (WCI) account for approximately 73% of the Canadian economy and 20% of the U.S. economy. Members include British Columbia, Manitoba, Ontario and Quebec along with 7 U.S. States. The WCI also has 13 observer jurisdictions across North America.
The proposal sets out the basic design for the regional cap-and-trade system which will cover the major greenhouse gases (not just carbon dioxide). The proposed design leaves various contentious areas unsettled, however it can be seen as a leap forward in the process of establishing a wide-ranging cap-and-trade system in North America.
The full report can be view at the WCI website