Carbon auction sellout raises $1.3 billion
The August 14, 2018 joint California-Quebec carbon auction was the latest in a long line of successes for the carbon market.
All 79,421,265 current vintage California Carbon Allowances (CCAs) sold at a settlement price of $15.05, the second highest auction price ever.
Another 9,401,500 future vintage CCAs for use after 2021 were purchased for $14.90, which is the highest auction price ever for future vintage CCAs.
The total revenue for this auction was over $1.3 billion.
Cumulative revenues from past auctions have now surpassed $17.3 billion.
These funds will be used to invest in emissions reductions programs in the state, improve air quality, and offset potential increases in electric prices for ratepayers.
These results signal the health and stability of the market, particularly looking forward past 2020.