Climate 411

Results were released today for the fourth and final auction of the year in Washington’s cap-and-invest program, with strong demand projected to raise $394 million in revenue for investments in communities, affordability and climate resilience.

As Washington wraps up its third full year in operation, this still-young program continues to demonstrate how effective an ambitious cap-and-invest program can be at reducing pollution and raising revenue. And with program linkage with California and Quebec’s linked market on the horizon, Washington is at an exciting point in its program trajectory.

Read More »

Results released today for the California-Quebec cap-and-invest auction demonstrate that, while California’s reauthorization of the program through 2045 has helped keep prices off the floor, there’s clear appetite for greater ambition as California Air Resources Board (CARB) resumes its rulemaking process on program updates. The auction delivered largely stable results, with current vintages settling at a slightly lower price compared to the August auction while future vintages settled slightly higher. All current and future vintage allowances sold.

While these results demonstrate continued but modest improvement in market confidence (for context, uncertainty in the market cost California some $3 billion over the past year), they also show that there’s room for greater program ambition. The market can afford for CARB to do more to maximize the benefits of this landmark program for the state’s economy, cost of living and climate through the rulemaking process.

Read More »