INSIGHTSSERIES
Environmental Markets | Carbon Markets
June 16, 2025
Policy Primer: Carbon Pricing June 2025 Update
U.S. carbon trading programs react to shifting policy signals and President Trump’s executive order targeting state climate programs.
Recent carbon market auctions have delivered mixed results underscoring the growing impact of…Read the full report
Key Takeaways
- California’s latest carbon auction cleared at the reserve price and failed to sell out, reflecting uncertainty around the cap-and-trade program extension and the impact of President Trump’s action to halt state climate policies.
- RGGI’s second-quarter auction prices rose only marginally from the first quarter, despite the cost containment reserve having been exhausted in the previous auction — likely in response to President Trump’s policy moves.
- In Washington’s latest auction, the clearing price rose for the third time in a row reflecting stability in the market after voters rejected a ballot measure to dismantle the cap-and-invest program.
