Carbon Neutral Reserve Fund

Saanich has established an innovative Carbon-Neutral Reserve Fund which establishes funds to offset corporate emissions. This is the first such carbon neutral municipal initiative in North America.

The Fund will be used only for new GHG-reducing initiatives within Saanich, such as solar hot water, geo-exchange, photo-voltaic systems and carbon sequestration within Saanich.

To ensure accountability, the terms of the Fund ensure that the money stays within the municipality and respects carbon offsetting principles.

Principles of the Fund:

1. 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.
   
   
2. The carbon neutral reserve 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.
   
   
3. 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.
   
   
4. Projects funded by the Carbon Neutral Reserve Fund would be located within the boundaries of the District of Saanich, preferably on municipal or public lands.
   
   
5. Each year, Saanich’s GHG inventory would be updated by Saanich or CRD staff to reflect actual GHG emissions for that year.
   
   
6. 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-Neutral Reserve Fund.