Minister Heurtel announces the results of the eleventh Québec-California carbon market auction

QUÉBEC, May 24, 2017 /CNW Telbec/ - The results of the May 16 greenhouse gas (GHG) emission units auction held jointly with California are now available. This was the eleventh joint auction to take place since the Québec and California markets were linked on January 1, 2014.

The Minister of Sustainable Development, the Environment and the Fight against Climate Change, David Heurtel, announced the auction results today.

During the sale, 75 311 960 emission units from 2017 were sold at a price of $18.82 CA ($13.80 US) and 2 117 000 emission units for the year 2020 were sold at a price of $18.51 CA ($13.57 US). The sale generated gross revenue in the order of 165 million Canadian dollars for Québec.

Quote:

"The carbon market is Québec's centerpiece in the fight against climate change. In addition to fostering GHG emission reduction, it is a green fiscal tool that contributes to our economy's modernization and sustainable development. To date, the carbon market has generated over 1.6 billion dollars in revenue for Québec. The funds will be used to support Québec's businesses, municipalities, institutions and citizens in their transition to a lower-carbon world. Together, we can fight climate change to ensure the best quality of life for our children. Let's do it for them!"

David Heurtel, Minister of Sustainable Development, the Environment and the Fight against Climate Change.

Quick facts:

• Québec is aiming to reduce its GHG emissions by 20% below 1990 levels by 2020 and 37.5% by 2030. In conjunction with the Under2 Memorandum of Understanding, Québec has also committed to an 80-95% reduction by 2050 as the Intergovernmental Panel on Climate Change recommends for industrialized countries.

Associated link:

The results summary of the May 16, 2017 auction is available on the Ministère's website at: http://www.mddelcc.gouv.qc.ca/changements/carbone/avis-resultats.htm.

Source:

Emilie Simard
Press Officer
Office of the Minister of Sustainable
Development, the Environment and the Fight
against Climate Change
Tel.: [phone]

Information:

Media Relations
Ministère du Développement durable,
de l'Environnement et de la Lutte contre
les changements climatiques
Tel.: [phone]

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SOURCE Cabinet du ministre du Développement durable, de l'Environnement et de la Lutte contre les changements climatiques

Source: Emilie Simard, Press Officer, Office of the Minister of Sustainable Development, the Environment and the Fight against Climate Change, Tel.: [phone]; Information: Media Relations, Ministère du Développement durable, de l'Environnement et de la Lutte contre les changements climatiques, Tel.: [phone]