Quebec, California carbon market joint auction results are in
November 22, 2018
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The results of the November 14 greenhouse gas (GHG) emission units auction held jointly with the California Air Resources Board (CARB) were made public today.
During the sale, 78,825,717 current vintage emission units were sold at $20.27 CA ($15.31 US), and 9,401,500 2021 vintage emission units went for $20.30 CA ($15.33 US).
The sale generated in the order of $220 million CA in revenue for Québec.
This entire amount will be paid into the Green Fund to finance the measures contained in the 2013-2020 Climate Change Action Plan, for the benefit of Québec society.
- Until now, the carbon market has generated revenue of over 2.8 billion dollars for Québec, all of which is used to support Québec companies, municipalities, institutions and citizens in their transition to a low carbon world;
- The next auction will take place on Feb. 20, 2019. An official notice will be published on the MELCC website 60 days before the auction, as stipulated in the regulation. The registration period will begin on the day the notice is published; and
- Québec aims to reduce its GHG emissions by 20 per cent below 1990 levels by 2020 and by 37.5 per cent by 2030, while committing to a reduction of 80 to 95 per cent by 2050, in accordance with the Under2MOU (Memorandum of Understanding).
This reduction level is consistent with the recommendations of the Intergovernmental Panel on Climate Change for industrialized countries.
The summary of the Nov. 14 auction results is available at: