by graig mcinnes
Earlier in the day, the B.C. government's Pacific Carbon Trust (PCT) announced a deal to buy 84,000 tonnes of carbon offsets from Encana, an energy company that reported net earnings of $1.5 billion in 2010 on revenues after royalties of $8.87 billion, all in U.S. dollars.
These announcements are related, because part of the money the PCT is using to buy the offsets comes from school boards, which, like other public bodies, are being required by the provincial government to reduce their own greenhouse-gas emissions enough to become carbon neutral or buy offsets to make up the difference.
The Pacific Carbon Trust is the company set up by the province to buy and sell carbon offsets. Carbon offsets are created when an organization or business, in this case Encana, is paid to reduce emissions in a manner it could not have achieved without the subsidy. That's the theory, anyway.
The PCT won't say how much it is paying Encana, but it is charging any organization that wants or needs offsets $25 a tonne.
The budget approved by the Vancouver school board includes $405,725 to pay for such offsets, money that board chair Patti Bacchus said Friday could have been put to better use.
"I could pay for about five teachers," she says.