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

QUÉBEC, Feb. 24, 2021 /CNW Telbec/ - The results of the 26^th auction of greenhouse gas (GHG) emission units held on February 17 jointly with the California Air Resources Board (CARB) were released today.

During the sale, 54,773,607 current vintage emission units were sold at $22.58 CA ($17.80 US), and 8,306,250 2024 vintage emission units went for $22.84 CA ($18.01 US). The sale generated in the order of 190 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 as well as ongoing commitments made under the 2013-2020 Climate Change Action Plan.

Quick facts:

• Until now, the carbon market has generated revenue of over 4.5 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 Wednesday May 19, 2021. 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 2020 Plan for a Green Economy launched on November 16, 2020, the government intends to make a longer-term commitment to achieve carbon neutrality by 2050.

Associated link:

• The summary of the February 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