Minister Isabelle Melancon announces the results of the thirteenth Québec-California carbon market auction

QUÉBEC, Nov. 21, 2017 /CNW Telbec/ - The results of the November 14 greenhouse gas (GHG) emission units auction held jointly with California are now available. This was the thirteenth joint auction to take place since the Québec and California markets were linked on January 1, 2014.

The Minister of Sustainable Development, the Environment and the Fight against Climate Change, Isabelle Melançon, announced the auction results today.

During the sale, 79,548,286 emission units from 2016 and 2017 were sold at a price of $19.10 CA ($15.06 US) and 9, 723,500 emission units for the year 2020 were sold at a price of $18.72 CA ($14.76 US). The sale generated gross revenue in the order of 230 million Canadian dollars for Québec.

Quote:

"The carbon market is the spearhead of our action in the fight against climate change. Not only does it offer the best guarantee that we will succeed in reducing greenhouse gas emissions, it also paves the way to a new economy based on technology and know-how – an economy that provides many business opportunities and is consistent with the principles of sustainable development. To date, the carbon market has generated over 2.04 billion dollars for Québec. The entire amount goes to supporting Québec's companies, municipalities, institutions and citizens in transitioning to a low-carbon world. Let's continue to work together to address the urgent challenge posed by climate change, while at the same time building a sustainable, prosperous and low-carbon society in which we want to see our children and the children after them grow up."

Isabelle Melançon, Minister of Sustainable Development, the Environment and the Fight against Climate Change.

Quick fact:

• Québec is aiming to reduce its GHG emissions by 20% below 1990 levels by 2020 and 37.5% by 2030. In conjunction with the Under2 Memorandum of Understanding, Québec has also committed to an 80-95% reduction by 2050 as the Intergovernmental Panel on Climate Change recommends for industrialized countries.

Associated link:

The results summary of the November 14, 2017 auction is available on the Ministère's website at: http://www.mddelcc.gouv.qc.ca/changements/carbone/avis-resultats.htm.

Source:

Geneviève Benoit
Press Officer
Office of the Minister of Sustainable
Development, the Environment and the Fight
against Climate Change
Tel.: [phone]

Information:

Media Relations
Ministère du Développement durable,
de l'Environnement et de la Lutte contre
les changements climatiques
Tel.: [phone]

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SOURCE Ministère du Développement durable, de l'Environnement et de la Lutte contre les changements climatiques

Source: Geneviève Benoit, Press Officer, Office of the Minister of Sustainable Development, the Environment and the Fight against Climate Change, Tel.: [phone]; Information: Media Relations, Ministère du Développement durable, de l'Environnement et de la Lutte contre les changements climatiques, Tel.: [phone]