Industry Innovation & Regulation
Industry plays a critical role in B.C.’s transition to a low-carbon future. Many are already reducing their emissions, and companies continue to drive innovation and adopt technology to cut their carbon costs.
Government policy is important in encouraging and supporting climate action in industry. Reporting requirements, other regulations, carbon pricing and incentives all help to promote innovation and lower carbon growth.
Regulation & Reporting
B.C. facilities that emit 10,000 tonnes or more of carbon dioxide equivalent (CO2e) per year are required to report their greenhouse gas (GHG) emissions annually. Accurate emissions data informs policy development and helps government understand where industry may need support to avoid potential competitiveness issues.
Certain B.C. sectors are subject to additional regulation in the form of direct greenhouse gas emissions limits. B.C.’s liquefied natural gas (LNG) operations, for example, are required to meet a stringent GHG emissions intensity benchmark. The transportation sector, meanwhile, is regulated by the Low Carbon Fuel Standard.
Economic incentives, together with the price signal created by the revenue-neutral carbon tax, are also helping drive innovation in industry.
Offset projects encourage emissions reductions across economic sectors, as do industry innovation programs such as the province’s Innovative Clean Energy (ICE) Fund, the natural gas Clean Infrastructure Royalty Credit Program, energy-efficiency support for buildings, the Cement Low Carbon Fuel Program and the Clean Energy Vehicle (CEV) program.