Since 2008, British Columbia has had carbon credit trading legislation that enables transportation fuel providers to purchase carbon credit generators to make up shortfalls of legislated carbon intensity reductions. The Low Carbon Fuel Standard was originally set to reduce the carbon intensity of transportation fuels by 20% between 2010 and 2030. On December 20, 2022, the Ministry of Energy, Mines and Low Carbon Innovation announced a change in the Regulations that accelerates annual carbon intensity reduction targets effective January 1, 2023.
The 20% carbon intensity reduction target has now been set to 30%
How Strata Condominiums and Rental Apartment Properties can benefit from installing EV Charging
Regulation changes in the Fall of 2021 enabled most Multi Unit Residential Buildings to earn carbon credits by charging electric cars.
As it turns out these carbon credits have become quite valuable – much more than the cost of electricity, and as EV adoption increases, a significant income stream that cannot be ignored.
As each annual reduction of intensity takes effect on January 1st, fossil fuel providers must ensure they have achieved enough reduction in carbon intensity, or purchase additional credits to meet the regulation. As a result the value of these credits has risen steadily as transportation fuel producers continue to sell gasoline or diesel. EV charging will grow the supply of credits to this market, but the new 30% reduction target will also bolster demand. In the meantime, building owners installing EV charging infrastructure can reap the benefits of reducing carbon emissions through the growing fleet of electric vehicles, not to mention the financial and performance benefits of driving EVs in the first place.Source: https://news.gov.bc.ca/releases/2022EMLI0066-001925
Electric Advantage offers carbon credit administration services bundled with annual reviews of EV charging operations to ensure your organization has optimal policies to obtain maximum value from your investment in EV charging infrastructure.