QC: California and Québec held joint cap-and-trade emissions units auction on November 17, 2020
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 November 17, 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 October 8, 2020.
During the sale, 56,366,432 current vintage emission units were sold at $22.15 CA ($16.93 US), and 8,672,250 2023 vintage emission units went for $22.70 CA ($17.35 US). The sale generated in the order of 247 million Canadian dollars in revenue for Québec. This entire amount will be paid into the Electrification and Climate Change Fund to finance the measures contained in the 2030 Plan for a green economy as well as ongoing commitments made under the 2013-2020 Climate Change Action Plan. Read the Summary Results Report for more details on the November 17 Auction.
For more information on Québec’s cap and trade program, visit the MELCC website.