Prime Minister, the Hon. Philip Davis tabled the Emissions Reduction Initiatives and Incentives Regulations in the House of Assembly on Wednesday.
Mr. Davis explained how the new legislation will benefit businesses. He said, “take a gas station, it registers itself and they may say well look we would want to participate in this exercise and they would have to record, example, how much fuel they’re selling. They have to give information on the fuel they sell, the oils that they’re selling and then that will be translated into what it may likely to be in respect to the emissions that will flow from that sale. And then from that we’re able to keep a count of what our contribution is to green house gas emissions.”
The Prime Minister also explained the reporting of emissions data and allocations permits. “Emission allocations ultimately allow for the permit holder to emit a defined quantity of pollution. If it is determined that an entity is a continuous high emitter it’ll be noted that the emissions allocations may be issued after an assessment of the submitted emissions data.”
According to Mr. Davis these regulations are built on four core objectives: Empowering Participation, Incentivizing Clean Innovation, Tracking National Progress and Ensuring Transparency. He said, “these Regulations are a roadmap for climate resilience, energy independence, and economic opportunity.”
