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

QUÉBEC CITY, Feb. 24, 2016 /CNW Telbec/ - The Minister of Sustainable Development, Environment and the Fight against Climate Change, David Heurtel, today made public the results of the February 17, 2016 auction of greenhouse gas (GHG) emission allowances that was held jointly with California. This was the sixth joint auction held since the Québec and California markets were linked on January 1, 2014.

"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 bolsters 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. Let's do it for them!" Minister Heurtel stated.

In all, 68,026,000 emission units for 2013, 2014 and 2016 were sold at a unit price of $17.64 CAD ($12.73 USD) and 9,361,000 emission units for 2019 were sold at a price of $17.64 CAD ($12.73 USD). The auction generated gross income in the order of 216 million Canadian dollars for Québec. Total auction income to date has reached nearly 1.2 billion dollars in Québec.

Québec is aiming to reduce its GHG emissions by 20% below 1990 levels for 2020, by 37.5% for 2030, and also adhered to the UNDER 2 MOU framework, aiming at a reduction between 80% and 95% by 2050. This pathway follows the recommendations for industrialized counties made by the Intergovernmental Panel on Climate Change (IPCC).

The summary of the results of the February 17, 2016 auction is available on the Ministère's website at http://www.mddelcc.gouv.qc.ca/changements/carbone/index-en.htm.

SOURCE:		INFORMATION:
Mylène Gaudreau Acting Press Officer Cabinet of the Minister of Sustainable Development, Environment and the Fight against Climate Change Tel.: [phone]		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: Mylène Gaudreau, Acting 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]