QUÉBEC, Aug. 25, 2015 /CNW Telbec/ - The Minister of Sustainable Development, Environment and the Fight against Climate Change, David Heurtel, announces the results of the August 18, 2015 auction of greenhouse gas (GHG) emission credits, which was held jointly with California. This was the fourth joint auction held since the Québec and California markets were linked on January 1, 2014.
Overall 73 429 360 current vintage emissions units (2015) were sold at a unit price of $16.39 CA ($12.52 US) and 10,431,500 future emissions units (2018) were sold at a unit price of $16.10 CA ($12.30 US). The auction generated gross revenue for Québec to the order of 205 million Canadian dollars. Total income from the eight auctions held so far, four of which were held jointly with California, is approximately 755 million dollars. All revenue generated by the carbon market goes to the Green Fund and is reinvested in the implementation of measures in the 2013-2020 Climate Change Action Plan.
"The carbon market is the centerpiece of Québec's strategy for fighting climate change. In addition to ensuring GHG emission reductions, it is a green fiscal tool that bolsters the re-launching and sustainable development of our economy. By 2020, more than 3.3 billion dollars will have been invested to support Québec's businesses, municipalities and private citizens in their transition to a low-carbon world. Together, we can fight climate change in order to ensure a better quality of life for our children," Minister Heurtel stated.
A summary of the results of the August 18 auction is now available here.
Cabinet of the Minister of Sustainable Development, Environment and the Fight against Climate Change
Ministère du Développement durable, de l'Environnement et de la Lutte contre les changements climatiques