California Carbon Auction Raises $297 Million
The state’s fifth auction on Nov. 19 sold all 16.6 carbon allowances, with firms including Exxon Mobil and Dow Chemical paying $11.48 per allowance to release 1 metric ton of carbon as early as this year. An additional 9.6 million permits that can’t be used until 2016 sold at $11.10 each.
The Nov. 19 carbon price was lower than the previous sale in August, at which the state’s largest emitters paid $12.22 per metric ton for the right to release carbon this year.
The five carbon auctions have raised a total of $1.4 billion.
The latest auction results come a week after a Superior Court judge rejected a legal challenge to California’s carbon auctions. The California Chamber of Commerce and Pacific Legal Foundation, on behalf of a dozen clients including Morning Star Packing Company and Dalton Trucking, had filed lawsuits in Sacramento Superior Court to block the carbon allowances.
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