Québec, February 28, 2018. – The results of the February 21 greenhouse
gas (GHG) emission units auction held jointly with the California Air Resources
Board (CARB) and the Ontario Ministry of the Environment and Climate Change
(MEACC) were made public today. It was the first auction to be held by the
three partners since Ontario’s linkage to the Québec-California market, in
force as of January 1, 2018.
During the sale, 98,215,920 current vintage emission units were sold at
$18.44 CA ($14.61 US), and 8,576,000 2021 vintage emission units went
for $18.34 CA ($14.53 US). The sale generated in the order of
193 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.
-To date, the carbon market has generated revenue of over 2.2 billion
dollars for Québec, all of which is used to support Québec companies,
municipalities, institutions and citizens in their transition to a low carbon
the Regulation respecting a cap-and-trade system for greenhouse gas emission
allowances, emitters covered by the third compliance period, i.e., companies
active in the industrial and electricity sectors as well as fossil fuel
distributors, have until December 31, 2020, to meet their environmental
compliance obligations. The system has been designed to provide them with
flexibility in their purchasing strategy. The government will hold three more
auctions in 2018.
next auction will take place on Tuesday, May 15, 2018. An official notice
will be published on the MDDELCC 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.
The summary of the February 21 auction results is
available on the MDDELCC website at:
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