Québec and California to hold first joint auction of greenhouse gas emissions

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Source: GLOBE SERIES

QUÉBEC CITY -- Québec Minister of Sustainable Development, Environment and the Fight Against Climate Change David Heurtel, and California Air Resources Board (CARB) Chairman Mary Nichols today announced that the first joint Québec-California carbon market auction will be held on November 19, 2014.

“This first linked auction is the final step in the consolidation of the Québec and California markets. It consecrates the unprecedented cooperation between our two governments in harmonizing the procedures of our respective greenhouse gas cap-and-trade systems,” declared Minister Heurtel.

In linking their two systems on January 1, 2014, Québec and California created the first carbon market on Earth to be run by sub-national governments in different countries. This history-making innovation sets the table for establishing a broader carbon market both in North America and across the globe. In fact, both governments are currently working to extend their partnership to other U.S. states and Canadian provinces.

The sales platform already used by Québec and California for their preceding auctions will be also used for the November auction, having been tested in a pilot project auction in August. Emission units sold at this auction will be fungible and can be used in both California and Québec. Auction participants must be registered in the Compliance Instrument Tracking System Service (CITSS) and in the auction sales platform.

The notice of auction explaining registration procedures, as well as the notice of minimum price and number of available units for 2014 auctions, will be published this Friday, which is 60 days before auction day, per California and Québec regulatory requirements. They will be available on the Ministère’s Web site at http://www.mddelcc.gouv.qc.ca/changements/carbonedex-en.htm and on the CARB Web site atwww.arb.ca.gov/cc/capandtrade/capandtrade.htm. The registration period will begin upon publication of the notice of auction.

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