Regulation changes in the Fall of 2021 enabled businesses and most Multi Unit Residential Buildings (MURBs) in British Columbia 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.
The low carbon fuel standard carbon credit legislation was put in place to ensure the makers of transportation fuels, gasoline and diesel, reduce their carbon intensities over time to meet international climate change commitments. Originally, this was a 20% intensity reduction between 2010 and 2030. As each annual reduction of carbon 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 as other sources of credits, forests, suffer losses through wildfires. Bolstering the future price of carbon credits was a decision made in December 2022, whereby British Columbia increased the 20% 2030 target to 30%.
In the meantime, businesses and MURB 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.
A new Canada wide Carbon Credit
In June of 2022 the federal government enacted Clean Fuel Regulations as part of the Canadian Environmental Protection Act that can provide a market for carbon credits created by organizations hosting EV charging. This evolving market began trading in July 2023.
For British Columbian organizations this means that two carbon credits can potentially be earned on the same electricity.
Carbex provides carbon credit exchange services for condos, co-ops, rental apartment property owners, and businesses with EV charging infrastructure. Access the significant financial returns available from hosting EV charging facilities.