Minister Heurtel announces the results of the second Québec-California Carbon Market Auction

QUÉBEC, Feb. 25, 2015 /CNW Telbec/ - The Minister of Sustainable Development, Environment and the Fight against Climate Change, Mr. David Heurtel, announced today the results of the February 18 greenhouse gas emission allowances auction which was held jointly with the State of California. This was the second joint auction sale held since the two jurisdictions linked their respective carbon markets on January 1, 2014.

Participants submitted bids exceeding by 16% the total number of available 2015 units and by 5% the total number of 2018 units. Overall, 73,610,528 units of 2015 were sold at a price of 15.14 CA$ (12.21 US$) each, and 10,431,500 units of 2018 went for 15.01 CA$ (12.10 US$). The auction generated a gross revenue of approximately 190 million Canadian dollars for Québec, making the cumulative total income since the first auction held by Québec in December 2013 more than 330 million Canadian dollars.

"The carbon market calls for innovative solutions and opens the way to the development of Québec's expertise in leading edge niche areas. Thanks to the Green Fund's revenues which come mainly from the carbon market, the government can support Québec's businesses in transitioning toward a greener economy. In addition to fostering the re-launch and sustainable development of our economy, this green economic tool enables us to fight climate change together and ensure our children a better quality of life," Minister Heurtel stated.

The carbon market is the centrepiece of Québec's strategy for fighting climate change. All  the revenues it generates goes into the Green Fund and are reinvested in the implementation of the 2013-2020 Climate Change Action Plan, which aims to reduce GHG emissions and foster the adaptation of Québec society to the consequences of climate change while contributing to the re-launch of Québec's economy.

The summary of the results of the February 18 auction is available on the Ministère's Web site: http://www.mddelcc.gouv.qc.ca/changements/carbone/index-en.htm.

SOURCE: Guillaume Bérubé Press Officer Cabinet of the Minister of Sustainable Development, 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]

 

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

SOURCE: Guillaume Bérubé, Press Officer, Cabinet of the Minister of Sustainable Development, 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]