NEW! Québec and California joint cap-and-trade emissions units August 20 auction results

The Ministère de l'Environnement et de la Lutte contre les changements climatiques (MELCC) and the California Air Resources Board (CARB) held the last joint carbon market auction on August 20, 2019.

The publication of the Auction Notice, which includes the number of emissions units for sale, minimum prices and application requirements, marked the beginning of the application period. The application period closed on July 22, 2019.

During the sale, 66,289,515 current vintage emission units were sold at $22.82 CA ($17.16 US), and 9,038,000,2022 vintage emission units went for $22.41 CA ($16.85 US). The sale generated in the order of 247 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. The summary of the August 20, 2019 auction results is available here.

Quick facts:

• Until now, the carbon market has generated revenue of over 3.5 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, November 19, 2019. 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 (Under2 MOU), Québec has a reduction objective of 80 to 95% by 2050.

For more information on Québec’s cap and trade program, visit the MELCC website.