--Quebec forest managers can now sell their forest credits on the carbon market to offset emissions
New protocols that allow Quebec forest managers to sell their offset forest credits on the carbon credit exchange market.
Announced by Benoit Charette, Minister of the Environment and the Fight against Climate Change, this new initiative allows Quebec forest managers to sell certain forest credits, from various afforestation and reforestation projects, to companies that want to offset their emissions.
The president of the Fédération des producteurs forestiers du Québec (FPFQ) Pierre-Maurice Gagnon said "Forest owners have long awaited this opportunity to access the carbon market in order to finance the development of their woodlots and thus continue carbon sequestration. This gesture of recognition formalizes the decisive role that forest owners can play in the fight against climate change.”
Private forests account for 16% of productive forests in Quebec. Forest management has increased forest coverage by 6.8% and the volume of trees intended for timber in private forests by 44% in the past 50 years. According to Natural Resources Canada, forest lands managed for timber production, and the emissions from wood products harvested from these lands, continue to reduce carbon emissions, removing eight metric tons of CO2 from the atmosphere in 2018. Additionally, according to Canadian Forest Industries, forests absorb carbon dioxide and the use of wood prevents the use of material with a higher carbon footprint.
Quebec’s greenhouse gas cap-and-trade system (SPEDE) aims to reduce emitter compliance costs, encourage reduction in emissions in sectors that have high emissions, remove greenhouse gas (GHG) from the atmosphere, and encourage investments in low-carbon projects in the province.