Business/Accounting - Essay Example

According to Alberta’s Climate Change Program Strategy, the greenhouse gas can be accounted for. The government of Alberta has designed come up with a climate change strategy. There is a specified gas emitter’s regulation. The regulation considers the threshold or target or price, the ways of complying with the regulations and the context within which the greenhouse gasses are emitted (Bennett, Jan, & Teun, pp 122-2234). The Alberta has an offset system with an overview and the offset protocols, which applies the carbon capture and storage protocol.

An accounting system has been established for verification and auditing of the entire system to ensure adherence to the regulations and the set standards. The system analyses greenhouse gas emissions by each sector of the economy such as agriculture, transportation, residential or commercial among other sectors of the economy. Alberta has contributed positively to the climate change since 2008 to date. It has reduced its gas emission by 7 Mt annually. The country has donated $ 398 million to the Climate Change Emissions Management Fund for clean technology projects, $ 1.

3 billion committed to the two carbon capture and storage projects, $2 billion for municipal public transportation through Green TRIP, Energy Efficiency Programs, renewable fuel standard requiring ethanol or biodiesel, and Bio-energy Producer Credit program supporting agriculture or small business (Bennett, Jan , & Teun, pp 122-2234). Alberta has introduced gas emitters’ regulation that specifies the annual threshold at 100kt CO2 e annually, the facility specific historic baseline, the mandatory reduction targets in its various sectors at 12% off baseline and the set target for new facilities at 2% per annum for 6 years.

The country has regulation for intensity-base facilities and that which requires the verification by the independent third parties. Prevailing four ways of compliance flexibility on the reduction of greenhouse gas emissions include; onsite reductions or recognition of co-generation, the use of emissions performance credits from the facilities that reduce their intensities of gas emissions beyond the set target, paying into a tech fund at $ 15 per tonne of emissions, and finally, through the use of offset credits from the projects not under the SGER program.

Alberta remits the excess emission fees to the Climate Change And Emissions Fund to be invested in climate change projects. The government has experienced the following benefits through its SGER program: There are significant reductions in greenhouse gas emissions and the emergence of innovative technologies reducing emissions.The country has also benefited from the financial value of greenhouse gas; improved quantitative methods and data systems, and flexibility in the management of the complex industrial sector.

The regulatory assurance contains reasonable assurance of independent third party verification among other assurances. Underlying conditions are set for offset credits; they have to be real, that is, not required by law, must be additional and must be permanent. The offset credits carry long term liabilities for reversals. Emissions offset system has no limits on the banking of credits used, provides a market based option of compliance. It gives an extension reach of regulation beyond large emitters, verifies all projects to reasonable level of assurance.

It finally stresses that all projects must have started 2002 and occur in Alberta. It has a target of carbon capture and storage by 139 Mt by 2050. In conclusion, Alberta’s Climate Change Program is achieving real emission reductions. The country has concentrated on conservation of energy and environment.Work CitedBennett, Martin, Jan J. Bouma, & Teun Wolters. Environmental Management Accounting: Informational and Institutional Developments. Dordrecht: Kluwer Academic Publ, 2002.