INSIGHTSSERIES
Environmental Markets | Carbon Markets
December 15, 2025
Carbon Pricing December 2025 Update
U.S. carbon markets are ending the year with record prices and sustained demand amid program updates.
U.S. carbon markets are closing out the year with record prices and strong auction demand, reflecting the growing maturity of…Read the full report
Key Takeaways
- The Regional Greenhouse Gas Initiative’s 70th carbon auction cleared at record-high prices, generating more than $407 million in proceeds.
- Pennsylvania has been removed from participation in the regional carbon program through legislation enacted as part of a deal to finalize the state’s long-delayed budget.
- California’s latest auction sold out, with current allowances clearing at prices largely in line with the prior sale, signaling steady demand following the extension of the state’s emissions trading program.
