Quebec raises $215 million in first cap-and-trade auction since Ontario left


The Quebec government says it raised about $215 million in revenue for its Green Fund in the first cap-and-trade greenhouse gas emissions auction since Ontario bowed out.

Results from the Aug. 14th joint Quebec-California auction released Tuesday show that all 79 million available current vintage emission units were sold for $19.77 each and all 9.4 million 2021 future units were sold for $19.57.

By comparison, in the May auction that included Ontario, 90.6 million current vintage emission units were sold at $18.72 and six million future emission units sold for $18.56.

The earlier sale generated about $190 million for Quebec.

Soon after being elected in June, Ontario Premier Doug Ford cancelled the Ontario cap-and-trade auctions that had resulted in nearly $2 billion in revenue in four auctions in 2017 prior to it joining with Quebec and California this year.

The next Quebec-California auction will take place on Nov. 14. An emission unit is the equivalent of one tonne of carbon dioxide.


The Canadian Press


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