Earlier this week, the California Air Resources Board (ARB) released the latest results from the May 15, 2018 joint Cap-and-Trade auction with programs in Ontario and Quebec.  The auction netted nearly $700 million for the State, with ARB reporting that all current-year carbon allowances were purchased by businesses required to participate in the program. 

The State’s Cap-and-Trade auction has sold out of credits in every auction held since Governor Brown worked with the Legislature last year to extend the program through 2030.  In that time, the auctions have netted nearly $3 billion over four quarterly auctions, which will be allocated by the Legislature in this year’s State Budget.  Currently, both the Assembly and the Senate have proposals for large allocations to forest health, wildfire prevention and mitigation, and organic waste diversion programs. 

Detailed information on the Cap-and-Trade auction results can be accessed here.