California cashes in on the latest cap-and-trade auction

Yesterday’s carbon permit auction, the first since California extended its cap-and-trade system through 2030, was among the most successful the state has held in the program’s five years.

After several quarters of anemic auction results, businesses bought $935 million in credits to emit polluting greenhouse gases.

That will provide a healthy chunk of change for California’s greenhouse gas reduction fund: about $640 million to finance the high-speed rail and other projects intended to curtail the state’s carbon footprint. With a large balance already sitting in the account, a legislative analysis estimates that there will be more than $1.4 billion available to spend in the 2017-18 budget year.

Source: CA cap-and-trade makes billions available for green projects | The Sacramento Bee

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