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25 Feb

$330M spent at California carbon-permit auction

published on February 25, 2014 - 9:28 AM
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(AP) — State officials say California’s latest carbon-permit auction has raised nearly $330 million.

The Sacramento Bee reports (http://bit.ly/1ef2AKR ) industrial firms and others bought emissions allowances that can be used this year and in 2017.

At the auction on Monday, the 2014 allowances sold for $11.34 per ton, while the 2017 permits went for $11.38.

It was the sixth state-run carbon auction since California’s cap-and-trade market system began in 2012.

The California Air Resources Board says in total California firms have now spent a combined $1.54 billion for the right to emit greenhouse gases since the program was launched.

The cap-and-trade program places a limit on emissions from individual polluters. Businesses are required to cut emissions to cap levels or buy extra pollution allowances from other companies to make up for their overages.

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