A first successful California and Québec joint cap-and-trade auction

Thursday, December 4, 2014

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The Ministère du Développement durable, de l’Environnement et de la Lutte contre les changements climatiques and the California Air Resources Board announced yesterday the results of the first joint auction of greenhouse gas (GHG) allowances that was held on November 25th.

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All 23,070,987 allowances for 2014 and 10,787,000 allowances for 2017 that were up for sale were purchased at the auction.

The sale generated revenues of approximately 33 million dollars for Québec which will be transferred into the Green Fund and entirely reinvested in implementing the 2013-2020 Climate Change Action Plan (PACC 2013-2020).

A summary of the results of the November 25th joint auction and information about the market are available on the Ministère’s Web site.