Saanich has established an innovative Carbon Fund which directs offsetting funds to corporate greenhouse gas reduction projects. This is the first such municipal initiative in North America.
The Fund is used only for new GHG-reducing initiatives within Saanich, such as solar hot water, geo-exchange, photo-voltaic systems and carbon sequestration within Saanich. Visit our Leading by Example page for more information.
To ensure accountability, the principles of the Fund ensures that the money stays within the municipality.
Principles of the Fund
- Reduction of GHG emissions is the first priority, with the ultimate goal of reducing the carbon footprint to the lowest possible level using currently available technology.
- The carbon fund will respect the principle of "additionality" which means that these funds will only be used for GHG-reducing projects that would not normally be undertaken as part of the municipality's capital expenditure plan.
- Priority for project funding from the fund would be given to those projects that have the highest and most immediate impact on GHG emissions eg. Replacing fossil fuel use such as natural gas water heating at a municipal pool with solar hot water.
- Projects funded by the Carbon Fund would be located within the boundaries of the District of Saanich, preferably on municipal or public lands.
- Each year, Saanich's GHG inventory would be updated by Saanich or CRD staff to reflect actual GHG emissions for that year.
- Subject to the size of Saanich's remaining carbon footprint, as expressed in Tonnes of GHG (equivalents), a dollar amount equal to the prevailing market value of a Tonne of Carbon will be set aside in the annual financial plan for inclusion in the Carbon Fund