QC: Québec-California carbon market joint auction results announced
The results of the November 14, 2018 greenhouse gas (GHG) emission units auction held jointly with the California Air Resources Board (CARB) are now available.
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 almost $220 million CA in revenue for Québec. The results of the auction (the quantity of emission units sold and final prices) and the identity of the participating bidders are available on the MDDELCC website.
The MDDELCC also announced that 100% of regulated emitters covered their GHG emissions in accordance with the provisions of the regulation respecting a cap-and-trade system for GHG emission allowances. The perfect score means that all emitters have either reduced their GHG emissions, bought emission allowances at the government auctions, or bought emission allowances from another company.
Similar results were also achieved in California, Québec's partner jurisdiction in the WCI regional carbon market, which demonstrates that companies in California and Québec are adhering to the carbon market as an economic tool for fighting climate change.
The next auction will take place on Wednesday, February 20, 2019. An official notice will be published on the MELCC website 60 days before the auction, as stipulated in the regulation. For more information on the Québec-California joint carbon market auctions, visit the MDDELCC website.