Results of the August 14, 2018 Québec-California carbon market joint auction
On August 14, 2018, a joint emissions units auction was held between the California Air Resources Board (CARB) and Québec’s ministère du Développement durable, de l’Environnement et de la Luttre contre les changements climatiques (MDDELCC).
A Summary Report that includes a list of qualified bidders, total allowances sold and the settlement price was released by both the MOECC and the MDDELCC. During the sale, 79,421,265 current vintage emission units and 9,401,500 2021 vintage emission units were sold.
The MDDELCC announced that a sale by mutual agreement will be held on October 3, 2018. This sale is meant to offer an additional alternative to emitters who might otherwise experience difficulty in obtaining necessary emissions units to meet their compliance requirements to do so. The publication of the Sale Notice, which includes the number of emissions units for sale, the prices per category, and application requirements, marks the beginning of the application period. The application period closes on September 4, 2018.
For more information on Québec’s cap and trade program, visit the MDDELCC website.