INSIGHTSSERIES
Environmental Markets | Carbon Markets
September 15, 2025
Carbon Pricing September 2025 Update
State initiatives and favorable auction outcomes keep U.S. carbon markets strong amid receding federal climate action.
Developments in U.S. carbon markets reflect new progress as states reinforce their commitment to emissions trading programs despite receding federal climate action. Amid rising auction prices, states and regions are extending their programs beyond the…Read the full report
Key Takeaways
- RGGI’s carbon auction prices rose about 13.3 percent, rebounding from a declining trend over the past year and reflecting market confidence following the program’s third review that set a tougher emissions cap through 2037.
- California lawmakers have passed legislation to extend the landmark cap-and-trade program through 2045, while the latest auction signals recovering demand with rallying prices.
- In Washington, cap-and-invest auction prices rose for the fourth consecutive time, underscoring market stability while efforts to link the program with other jurisdictions are underway.
