Carbon Markets

Resilient Rhode Island Act Signed into Law

Rhode Island’s climate law prioritizes climate adaptation, emissions reduction, and institutional design to address climate change. The Resilient Rhode Island Act of 2014 (H 7904) is the state’s first climate bill and aims to make the state economy and society resilient to the effects of a changing climate.  Signed into law on July 2, and ceremonially signed on August 1,…...

California and Mexico Sign Climate and Energy Agreements

During a Trade and Investment Mission to Mexico, California Governor Brown signed agreements with Mexico to enhance cooperation on environmental issues and encourage cross-border clean energy investments. On July 28, 2014, California Governor Edmund G. Brown, Mexico’s Ministry of Environment and Natural Resources Undersecretary Rodolfo Lacy, and Mexican National Forestry Commission Director General Jorge Rescala…...

RGGI Releases Results of 24th Carbon Auction

The 24th RGGI carbon auction sold allowances at $5.02 each, generating approximately $90.67M. On June 6, 2014, the nine member states of the Regional Greenhouse Gas Initiative (RGGI) released the results of their 24th carbon auction held on June 4.  Auction 24 offered 18,062,384 allowances at a reserve price of $2.00 each.  All allowances sold at…...

Supreme Court Reinstates Cross-State Air Pollution Rule

The Supreme Court upheld EPA’s air pollution rule that regulates cross-border emissions of 28 upwind states to address downwind states’ compliance with air quality standards. On April 29, 2014, the U.S. Supreme Court reinstated the Environmental Protection Agency’s (EPA) Cross-State Air Pollution Rule (CSAPR), reversing an August 2012 decision by the U.S. Court of Appeals…...

California Approves First Forestry Compliance Offset Project

California has approved the first forest carbon offset project under the cap-and-trade compliance forestry protocol. On April 9, 2014, the California Air Resources Board (CARB) announced approval of the first forest carbon offset project – the Yurok Tribe/Forest Carbon Partners CKGG Improved Forest Management Project – under California’s cap-and-trade forestry offset protocol.  CARB issued 836,619…...

California Cap and Trade Program Strong after First Year of Operation

On February 19, 2014, the California Air Resources Board (CARB) held its sixth carbon allowance auction. Auction results over the first year show that compliance entities are becoming more comfortable with program and that investor market confidence is growing. Similarly, a secondary allowance market is also developing as market confidence grows. Overview The California Air…...

Q1 2014 RGGI Auction Indicates Renewed Northeast Carbon Market

On March 4, 2014, the Regional Greenhouse Gas Initiative (RGGI) held the first carbon allowance auction under the new Model Rule. Auction prices reached record levels and high market participation and allowance demand exhausted the 5 million allowance Cost Containment Reserve. Overview The Regional Greenhouse Gas Initiative (RGGI) is the nation’s first mandatory market-based cap-and-trade…...

California’s Sixth Carbon Auction Results Released

California’s sixth carbon allowance auction sold all current 2014 and advanced 2017 allowances indicating cap-and-trade program stability. On February 24, 2014, the California Air Resources Board (CARB) released the results of its sixth quarterly carbon allowance auction held on February 19.  CARB offered 19,538,695 allowances under Current Auction (2014 vintage allowances) and 9,260,000 allowances under…...