Carbon auction revenues top $3.7 billion…
The California Air Resources Board held its most successful carbon allowance auction to date.
The February auction was the first to be held following the 2015 expansion of the market to include the transportation sector, which effectively doubled the size of the California market.
All 73,610,528 California Carbon Allowances (CCAs) for delivery in 2015 were sold, reaching a settlement price of $12.21.
An additional 10,431,500 CCAs to be delivered in 2018 were sold at a price of $12.10.
Regulated businesses that are required to purchase CCAs to account for their carbon dioxide emissions bought more than 93.5% of the available allowances.
These companies can also account for their emissions by purchasing carbon offset credits sourced from Forestry projects like those developed by Green Assets, including the Brookgreen Gardens Improved Forest Management Project and the Middleton Place Avoided Conversion Project.
In total, 84 million CCAs were sold at the February auction, generating revenues of over $1 billion.
Cumulative carbon auctions dating back to 2012 have raised over $3.7 billion that will be used to fund emissions reductions projects, improve air quality, and offset increases in electric costs.