The state’s quarterly auction of carbon emission credits perked up a bit this month after two flat sessions earlier in the year – but it may be a very brief respite.
Oil refineries like this one in Richmond are prime targets for California’s cap-and-trade system that requires facilities emitting carbon dioxide to buy emission allowances from the state or others. It’s part of California’s effort to reduce greenhouse gases. Paul Sakuma AP
The Air Resources Board announced results of the Nov. 15 cap-and-trade auction on Tuesday, revealing that of the more than 87 million metric tons of current and future emission allowances offered, more that 90 percent were sold.
However, allowances offered by the state’s “compliance entities,” mostly utilities, and the Canadian province of Quebec took precedence, so their allotments were sold out while just 28.6 million of the 45.3 million tons in state-owned allowances up for sale moved.
