Results of the May 14, 2019 Québec-California Carbon Market Joint Auction

QUÉBEC, May 22, 2019 /CNW Telbec/ - The results of the May 14, 2019 greenhouse gas (GHG) emission units auction held jointly with the California Air Resources Board (CARB) were made public today.

During the sale, 66,321,122 current vintage emission units were sold at $23.48 CA ($17.45 US), and 9,038,000 2022 vintage emission units went for $23.42 CA ($17.40 US). The sale generated in the order of 253 million Canadian dollars in revenue for Québec. This entire amount will be paid into the Green Fund to finance the measures contained in the 2013-2020 Climate Change Action Plan, for the benefit of Québec society.

Quick facts:

• Until now, the carbon market has generated revenue of over 3.3 billion dollars for Québec, all of which is used to support Québec companies, municipalities, institutions and citizens in their transition to a low carbon world.
• The next auction will take place on Tuesday, August 20, 2019. An official notice will be published on the MELCC website 60 days before the auction, as stipulated in the regulation. The registration period will begin on the day the notice is published.
• Québec aims to reduce its GHG emissions by 20% below 1990 levels by 2020 and by 37.5% by 2030, while committing to a reduction of 80 to 95% by 2050, in accordance with the Under2MOU (Memorandum of Understanding). This reduction level is consistent with the recommendations of the Intergovernmental Panel on Climate Change for industrialized countries.

Associated link:

The summary of the May 14, 2019 auction results is available on the Ministry website at:
www.environnement.gouv.qc.ca/changements/carbone/ventes-encheres/avis-resultats-en.htm

SOURCE Ministère de l'Environnement et de la Lutte contre les changements climatiques

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

Related Links

http://www.environnement.gouv.qc.ca/