P.E.I. has taken out ads in major North American newspapers to explore the possibility of selling off renewable energy credits.
It’s one of the concepts in the Kyoto Protocol: jurisdictions producing green energy earn credits, and they can sell them to polluters. The credits are fines for less environmentally friendly businesses.
Though a program doesn’t exist in North America yet, there is an exchange in Europe.
“They will look at it and say it will cost me $10 million to change my plant in order to reduce emissions or I can spend $5 million and buy offsets,” said Environment Minister Jamie Ballem.
The province could potentially make a couple of million dollars on the green credits, said Ballem, not only from wind farms but also from environmentally-friendly farming and forestry.
“It’s a potential revenue source for Islanders and the energy corporation, so we wanted to find out what interest there is in the marketplace,” he said
Ballem admits there is uncertainty about Kyoto, and whether Canada will act on trading credits.
There have been about six calls from people interested in buying the green credits.
The government hopes to have specific information out about the project in March.