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Environment & Energy Report

California, Quebec Made Nearly $1 Billion in Emissions Auction

Dec. 13, 2018, 11:12 PM

The only two jurisdictions in North America to share a greenhouse gas emissions cap-and-trade market made nearly $1 billion in revenue from their most recent auction.

California made $812.97 million from emissions allowances sold during an auction held Nov. 14, the state’s Air Resources Board said Dec. 13.

Quebec, which started holding joint auctions with California in 2014, received C$223.9 million ($167.8 million) at the auction, the province’s Environment and Fight Against Climate Change ministry said.

Both jurisdictions, which rely on the joint cap-and-trade market to make progress on their emission targets, have counterparts that have moved away...

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