California and Quebec announce first joint cap-and-trade auction
For immediate release
SACRAMENTO - The California Air Resources Board and the Québec Ministry of Sustainable Development, Environment and the Fight against Climate Change today announced their first joint cap-and-trade auction will take place November 19, 2014.
The two jurisdictions have worked together for several years to ensure their cap-and-trade regulations are equally stringent and can be integrated. The two programs officially linked on January 1, 2014, and have been working toward a joint auction. California held its first cap-and-trade auction in November 2012 and Quebec held its first auction in December 2013.
“This joint auction is a logical next step in our efforts to develop a cost-effective, inter-governmental model for reducing greenhouse gases,” said CalEPA Secretary Matt Rodriquez. “California has worked closely with Quebec to develop our cap and trade programs with this kind of linkage in mind.”
The November joint-auction will be held in the same online platform both parties have used for their individual cap-and-trade auctions. The platform was tested by stakeholders during a joint practice auction in August of this year. Carbon allowances sold in the auction may be used in either the California or Québec cap-and-trade programs. All participants must be registered in the Compliance Instrument Tracking System Service (CITSS) and the auction platform.
California and Québec have each committed to timely and effective action to reduce emissions of greenhouse gases (GHGs) that are contributing to climate change. To achieve these emission reductions, each jurisdiction is implementing a portfolio of programs, including linked cap-and-trade programs. The linked programs provide a working model for other states and provinces that are seeking cost-effective approaches for enhancing economic growth and innovation while reducing greenhouse gas emissions.