The federal government has released details of its plan to regulate and enforce the price of emitting greenhouse gases.

The proposed legislation was brought forward on Monday by Environment and Climate Change Minister Catherine McKenna and Finance Minister Bill Morneau.

“Today, we're following through on our commitment to put a price on carbon pollution across Canada, with federal legislation and a practical approach to protect competitiveness for large industry," said McKenna in a statement released late Monday.

The proposed bill includes rates that would apply to various types of polluting gases, and provides details on the registration, reporting periods, rebates, payment, and penalties surrounding the incoming carbon price system.

The system would apply to provinces and territories that request it and to those that don't have a carbon tax system in place that meets federal standards.

Currently, carbon pricing is in place in four provinces: Alberta, British Columbia, Ontario and Quebec. According to the federal government, all provinces have committed to adopt some form of carbon pricing.

Saskatchewan and New Brunswick, however, have been at odds with the federal government’s strategy. This bill would allow Ottawa to potentially offer rebate cheques directly to Canadians in provinces that don’t have their own carbon pricing plan.

“This is not a cash grab,” said McKenna in an interview on CTV’s Power Play. “All the revenues go back to the provinces. It’s up to them to decide how they’re going to support consumers. Many of them are giving money back in forms of rebates."

Comments on the draft legislative proposals are being accepted until Feb. 12, 2018.

The bill is expected to be introduced in the House of Commons once Parliament resumes at the end of the month.

With files from CTV News