Results of the May 22, 2024 Québec and California Carbon Markets Auction

QUÉBEC, May 30, 2024 /CNW/ - The results of the 39^th greenhouse gas (GHG) emission units auction held jointly with the California Air Resources Board (CARB) on May 22 were released today.

During the sale, 51 589 488 current vintage emission units, including 40 071 consigned emission units, were sold for $50,53 CA ($37,02 US), and 7 211 000 2027 vintage emission units went for $52,34 CA ($38,35 US). For Québec, the sale generated gross revenues of 376 million Canadian dollars that will be deposited into the Electrification and Climate Change Fund, which finances the measures of the 2030 Plan for a Green Economy, and 2 million Canadian dollars in revenue, under the emission unit consignment mechanism. These reserved amounts for eligible emitters will be used primarily to finance GHG emission reduction projects.

• To date, the carbon market has generated more than $9,2 billion in revenue for Québec, all of which is used to support Québec businesses, municipalities, institutions and citizens in their transition to a lower-carbon world.
• The next auction will take place on August 14, 2024. An official notice will be posted on the Ministry's website 60 days prior to the auction, as required by regulation. The registration period will open on the same day.
• Québec has adopted a GHG emissions reduction target of 37.5% below 1990 levels by 2030. As announced in the 2030 Plan for a Green Economy, the government intends to make a longer-term commitment to achieve carbon neutrality by 2050. 

• A summary of the results of the May 22 auction is available on the Ministry's website at:
  www.environnement.gouv.qc.ca/changements/carbone/ventes-encheres/avis-resultats-en.htm.

• For more details on the payment from the funds determined and reserved for an emitter, see Projects eligible for payment from consigned funds.

Source and information

Media Relations
Ministère de l'Environnement, de la Lutte contre les
changements climatiques, de la Faune et des Parcs
Tel.: 418 521-3991

SOURCE Ministère de l'Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs