California-Quebec GHG Auction Fetches Record Prices As Program Tightens

The latest California-Quebec greenhouse gas allowance auction fetched record prices well above the minimum credit cost, generating $1.3 billion in revenue for the Golden State amid tightening emission caps and a sweeping set of forthcoming amendments to the state’s landmark cap-and-trade program. “These strong prices could indicate the confidence of market participants in this program and potentially reflect expectations of a more ambitious program in the future -- which would mean a tighter emissions cap and fewer allowances,” says Caroline...