FIRST QUÉBEC-CALIFORNIA CARBON MARKET AUCTION - RESULTS
Québec, December 3, 2014
– The Minister of
Environment and the Fight
against Climate Change,
David Heurtel, was highly
satisfied with the results
of the greenhouse gas (GHG)
emission units auction that
was held jointly with the
State of California on
“Climate change has very real consequences for our health, our environment and our infrastructures. It is urgent that we all take immediate and concerted steps together to fight these phenomena for the benefit of our children and develop a model of the kind of society that we want to leave for future generations. The challenges related to the fight against climate change should be seen as opportunities to participate in re-launching and developing Québec’s economy,” the Minister stated.
Greenhouse emission allowance cap-and-trade auctions, also known as the “carbon market,” spearhead Québec’s approach to fighting climate change and are a powerful tool for the sustainable development of its economy.
The November 25 auction was the first to be jointly held since the Québec and California markets were linked on January 1, 2014.
All 23,070,987 emission units for 2014 and 10,787,000 units for 2017 that were up for sale found buyers at the auction.
The auction generated approximately 33 million dollars in revenue for Québec. These proceeds will be entirely paid into the Green Fund and reinvested to implement the 2013-2020 Climate Change Action Plan, for the benefit of Québec society.
“Québec has once again demonstrated its leadership. The success of the first joint auction is a major step towards the establishment of a market on a larger scale. Both governments continue to work to grow our partnerships in order to raise the level of the carbon market’s economic and environmental performance. Market confidence has been demonstrated,” Minister Heurtel concluded.
Last Tuesday, the Government of Québec announced an investment of 350 million dollars in specific measures to support the energy transitioning of small and mid-sized businesses and the economic development of all of Québec’s regions.
A summary of the results of the November 25th auction sale is available on the Ministère’s Web site at www.mddelcc.gouv.qc.ca/changements/carbone.
|– 30 –|