The Twelfth Québec-California Carbon Market Auction
A greenhouse gas emission units auction was held August 15, 2017. This is the twelfth auction held jointly by Québec and California since their respective carbon markets were linked on January 1, 2014.
The Ministère du Développement durable, de l'Environnement et de la Lutte contre les changements climatiques (MDDELCC) held this auction in conjunction with the California Air Resources Board (ARB). Bidders from both Québec and California were able to submit bids for the purchase of emission units, enabling them to reach their environmental objectives set under the greenhouse gas cap-and-trade system.
During the sale, 63,887,833 emission units from 2017 were sold at a price of $18.74 CA ($14.75 US) and 9,723,500 emission units for the year 2020 were sold at a price of $18.49 CA ($14.55 US). The sale generated gross revenue in the order of 185 million Canadian dollars for Québec.
The results of the auction (the quantity of emission units sold and final prices) and the identities of participating bidders were posted on August 22, 2017 on the MDDELCC website.