QC: California and Québec held joint cap-and-trade emissions units auction on August 18
The Ministère de l'Environnement et de la Lutte contre les changements climatiques and the California Air Ressources Board held the joint carbon market auction on August 18, 2020.
The publication of the Auction Notice, which includes the number of emissions units for sale, minimum prices and application requirements, marked the beginning of the application period. The application period closed on July 20, 2020.
During the sale, 52,627,000 current vintage emission units were sold at $22.03 CA ($16.68 US), and 8,672,250 2023 vintage emission units went for $22.10 CA ($16.73 US). The sale generated in the order of 169 million Canadian dollars 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. Read the Summary Results Report for more details on the August 18 Auction.
For more information on Québec’s cap and trade program, visit the MELCC website.