Nova Scotia will require industrial facilities generating 50,000 tonnes or more of greenhouse gas emissions per year to report emissions under its proposed cap and trade regime.
Environment Minister Iain Rankin says regulations are being developed that would make participation mandatory for about 20 large industrial emitters including Nova Scotia Power, Northern Pulp, Lafarge, and large oil and gasoline companies such as ExxonMobil, Imperial and Irving.
READ MORE: Nova Scotia to introduce cap-and-trade in 2018
The regulations will also cover petroleum product suppliers that import or produce 200 litres of fuel or more per year for consumption in Nova Scotia and natural gas distributors whose products produce at least 10,000 tonnes of greenhouse gas emissions a year.
Rankin said companies must report by May 1 this year and by June 1 in subsequent years. They must get their reports verified by a third party by Sept. 1 every year.
WATCH: Nova Scotia sets stage for cap and trade regime, details to come
Rankin says the government is still exchanging information with Ottawa over the key issue of setting the actual emission cap for the program, which should be in place sometime this spring.
The government passed enabling legislation for cap and trade last fall, although specific details such as the effect on consumers are yet to be released.