Canada, the country furthest from meeting its commitment to cutcarbon emissions under the Kyoto Protocol, may save as much as $6.7billion by exiting the global climate change agreement and notpaying for offset credits.

The country's greenhouse-gas emissions are almost a third higherthan 1990 levels, and it has a 6 percent CO2 reduction target forthe end of 2012. If it couldn't meet its goal, Canada would have tobuy carbon credits, under the rules of the legally bindingtreaty.

Canada, which has the world's third-largest proven oil reserves,would be the first of 191 signatories to the Kyoto Protocol toannul its emission-reduction obligations. While EnvironmentMinister Peter Kent declined to confirm Nov. 28 that Canada ispreparing to pull out of Kyoto, which may ease the burden foroil-sands producers and coal-burning utilities, he said thegovernment wouldn't make further commitments to it.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.