OTTAWA - Companies that took early action to reduce their greenhouse-gas emissions can now apply for credits to eventually trade on a national carbon market.

The Conservative government announced the first phase of a program to allocate up to 15 megatonnes in carbon credits to companies that cut their greenhouse gases between 1992 and 2006.

The program applies only to companies that legitimately curbed their emissions and not those forced to shut down plants because of economic woes.

Starting in July next year, successful applicants will be issued up to five megatonnes of credits annually over three years for reducing their emissions of carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons and sulphur hexafluoride.

The program is part of the Tories' plan to reduce greenhouse gases 20 per cent from 2006 levels by 2020.

The Liberals recently unveiled what they bill as a revenue-neutral plan to offset a $15.4-billion tax on carbon emissions with cuts in income and corporate taxes.

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