Written by The Business Journal Staff
(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.