Carbon Market: Results of November 17th Auction held between Québec and California

QUÉBEC, Nov. 24, 2021 /CNW Telbec/ - The results of the 29^th auction of greenhouse gas (GHG) emission units held on November 17 jointly with the California Air Resources Board (CARB) were released today.

During the sale, 68,598,217 current vintage emission units were sold at $35.47 CA ($28.26 US), and 8,306,250 2024 vintage emission units went for $42.68 CA ($34.01 US). The sale generated in the order of 371 million Canadian dollars in revenue for Québec. This entire amount will be paid into the Electrification and Climate Change Fund to finance the measures contained in the 2030 Plan for a green economy.

Quick facts:

• Until now, the carbon market has generated revenue of over 5.6 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 Wednesday February 16, 2022. 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 target below 1990 levels of 37,5% by 2030. As announced in the 2030 Plan for a Green Economy the government intends to make a longer-term commitment to achieve carbon neutrality by 2050.

Associated link:

• The summary of the November 17, 2021 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