Minister Heurtel announced yesterday the results of the third Québec-California carbon market auction.
QUÉBEC, May 28, 2015 /CNW Telbec/ - The Minister of Sustainable Development, Environment and the Fight against Climate Change, David Heurtel, announces the results of the May 21, 2015 auction of greenhouse gas (GHG) emission credits, which was held jointly with California. This was the third joint auction held since the Québec and California markets were linked on January 1, 2014.
Overall 76,931,627 current vintage emissions units were sold at a unit price of $15.01 CA ($12.29 US) and 9,812,000 2018 emissions units were sold at a unit price of $14.78 CA ($12,10 US). The auction generated gross revenue for Québec to the order of 215 million Canadian dollars. Total income from the seven auctions held so far, three of which were held jointly with California, is approximately 548 million dollars. All revenue generated by the carbon market goes to the Green Fund and is reinvested in the implementation of measures in the 2013-2020 Climate Change Action Plan.
"The carbon market is the centerpiece of Québec's strategy for fighting climate change. In addition to ensuring GHG emission reductions, it is a green fiscal tool that spurs the re-launching and sustainable development of our economy. By 2020, more than 3.3 billion dollars will have been invested to support Québec's businesses, municipalities and private citizens in their transition to a low-carbon world. Together, we can fight climate change in order to ensure a better quality of life for our children," Minister Heurtel stated.
The carbon market has experienced marked development in the last two years. On January 14, 2014, Québec and California linked their respective systems, creating the largest carbon market in North America. In addition to targeting major industrial emitters, the carbon market has, as of January 1, 2015, added distributors of fossil fuels and combustibles to its scope, thus covering 85% of Québec's GHG emissions. Ontario also recently announced its intent to set up a carbon market and link it to the Québec and California's system.
A summary of the results of the May 21 auction is now available on the Web site of the Ministère at www.mddelcc.gouv.qc.ca/changements/carbone.
Cabinet of the Minister of Sustainable Development, Environment and the Fight against Climate Change
Ministère du Développement durable, de l'Environnement et de la Lutte contre les changements climatiques