All 33.8 million carbon allowance sold out at California and Quebec’s first joint carbon auction, held Nov. 25, which raised about $407 million.

The cap-and-trade auction sold all 23.1 million allowances to release carbon emissions this year, with companies paying 12.10 a ton for the 2014 carbon credits.

California and Quebec also sold all 10.8 million allowances offered to release emissions in 2017. These carbon permits sold for $11.86 a ton.

California and Quebec linked their cap-and-trade programs Jan. 1.