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Results of the August 14, 2018 Québec-California Carbon Market Joint Auction

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Results of the August 14, 2018 Québec-California Carbon Market Joint Auction

Canada NewsWire

QUÉBEC, Aug. 21, 2018 /CNW Telbec/ - The results of the August 14, 2018 greenhouse gas (GHG) emission units auction held jointly with the California Air Resources Board (CARB) were made public today.

During the sale, 79,421,265 current vintage emission units were sold at $19.77 CA ($15.05 US), and 9,401,500 2021 vintage emission units went for $19.57 CA ($14.90 US). The sale generated in the order of 215 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 2.6 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, November 14, 2018. An official notice will be published on the MDDELCC website 60 days before the auction, as stipulated in the regulation. The registration period will begin on the day the notice is published.
  • Note that on August 3rd, the Minister also published a notice announcing that a sale by mutual agreement by the Minister would be held on October 3, 2018. The registration period for this sale ends on September 4, 2018.
  • Québec aims to reduce its GHG emissions by 20% below 1990 levels by 2020 and by 37.5% by 2030, while committing to a reduction of 80 to 95% by 2050, in accordance with the Under2MOU (Memorandum of Understanding). This reduction level is consistent with the recommendations of the Intergovernmental Panel on Climate Change for industrialized countries.

Associated link:

The summary of the August 14, 2018 auction results is available on the MDDELCC website at: http://www.mddelcc.gouv.qc.ca/changements/carbone/avis-resultats-en.htm

Source and information :

Media Relations
Ministère du Développement durable,
de l'Environnement et de la Lutte contre
les changements climatiques
Tel.: 418 521-3991
https://twitter.com/MDDELCC
https://www.facebook.com/MDDELCC

 

SOURCE Ministère du Développement durable, de l'Environnement et de la Lutte contre les changements climatiques

View original content: http://www.newswire.ca/en/releases/archive/August2018/21/c4759.html

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