Carbon Market: Results of May 20th Auction held between Québec and California

QUÉBEC, May 28, 2020 /CNW Telbec/ - The results of the May 20, 2020 greenhouse gas (GHG) emission units auction held jointly with the California Air Resources Board (CARB) were made public today.

During the sale, 21,161,000 current vintage emission units were sold at $23.17 CA ($16.68 US), and 1,763,000 2023 vintage emission units went for $23.17 CA ($16.68 US). The sale generated in the order of 82 million Canadian dollars in revenue for Québec. This entire amount will be paid into the Green Fund to finance the measures contained in the 2013-2020 Climate Change Action Plan, for the benefit of Québec society.

Quick facts:

• Until now, the carbon market has generated revenue of over 4.1 billion dollars for Québec, all of which is used to support Québec companies, municipalities, institutions and citizens in their transition to a low carbon world.
• The next auction will take place on Tuesday, August 18, 2020. An official notice will be published on the MELCC website 60 days before the auction, as stipulated in the regulation. The registration period will begin on the day the notice is published.
• Québec adopted GHG emission reduction targets below 1990 levels of 20% by 2020 and of 37.5% by 2030. As a signatory to the Under2 Memorandum of Understanding (MOU), Québec has a reduction objective of 80 to 95% by 2050.

Associated link:

• The summary of the May 20, 2020 auction results is available on the Ministry website at: www.environnement.gouv.qc.ca/changements/carbone/ventes-encheres/avis-resultats-en.htm

SOURCE Ministère de l'Environnement et de la Lutte contre les changements climatiques