Progressive Cap-and-Trade Climate Policy Moves Closer to Final Vote in Oregon

Legislation creating an ambitious cap-and-trade program in Oregon cleared a key committee on June 12 and is scheduled for a House vote on Monday. If passed, the bill would make Oregon the second state after California to adopt the market-based approach to slashing greenhouse gas emissions causing climate change. Democrats currently hold a trifecta in…

California-Quebec Carbon Auction Sells Out, Allowances Clear at Record Highs Signalling Market Stability

The nineteenth quarterly carbon auction held by California and Quebec sold all of the more than 66 million carbon permits offered for current emissions at a record-high $17.45 per credit, above the floor price of $15.62, according to the results released on May 22 by the California Air Resources Board. The auction also sold 100…

New Hampshire Approves Bill to Adopt Revised Regional Carbon Market Rules

The New Hampshire legislature passed a measure on May 8 amending regulations governing the state’s participation in the Regional Greenhouse Gas Initiative, or RGGI, to be consistent with the program’s updated model rule adopted in December 2017. The nine-state compact established the nation’s first mandatory emissions trading program. The bill revises the statewide budget allowance,…

Virginia Governor Vetoes Bill Preventing Participation in Regional Carbon-Trading Program

Democratic Governor Ralph Northam vetoed legislation on March 14 that would prohibit the state from joining a regional carbon program to reduce power plant emissions, without a two-thirds majority vote from both the legislative chambers. Northam also vetoed a similar bill related to limiting emissions from vehicles, saying that the measures violate the state constitution…

California-Quebec Carbon Auction Sells Out, Reflects Steady Demand Amid PG&E Uncertainty

The eighteenth quarterly carbon auction held by California and Quebec sold all 80,847,404 carbon permits offered for current emissions at $15.73, above the floor price of $15.62, according to the results released on Feb. 27 by the California Air Resources Board. The auction sold about 66 percent of the permits offered for 2022 emissions at…...

Virginia Legislature Passes Bill Aimed at Blocking Participation in Regional Carbon-Trading Program

The Virginia legislature approved a bill that would prohibit the governor or any state agency from participating in a regional carbon market, without a two-thirds majority vote from both the legislative chambers. The state is considering its own proposed cap-and-trade rule designed to link with the nine-state Regional Greenhouse Gas Initiative, or RGGI, the nation’s…...

Oregon Bill Seeks Stronger Emissions Targets, Economy-Wide Carbon Pricing

The Joint Committee on Carbon Reduction unveiled legislation on Feb. 4 that would establish the Oregon Climate Action Program to place a cap on greenhouse gas emissions for entities whose annual emissions exceed 25,000 metric tons of carbon dioxide equivalent. The bill would set an annually declining emissions budget, starting in 2021 to put the…...

New Jersey Unveils Rules to Rejoin Regional Carbon Market

The New Jersey Department of Environmental Protection proposed to set an initial carbon dioxide cap at 18 million tons in 2020 for the electricity generation sector when the state officially becomes a member of the Regional Greenhouse Gas Initiative, the nation’s first mandatory cap-and-trade program to reduce greenhouse gas emissions, according to a Dec. 17…...