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…
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…
Measures for carbon emission pricing and studies have so far this year surfaced in at least nine states, spanning from politically moderate Montana to progressive New York. Hawaii has a proposal to investigate how to implement a carbon tax while limiting its impact on lower income residents. In Oregon, legislation has been introduced for a cap-and-trade system to implement economy-wide carbon pricing. California is considering a bill that seeks a mechanism for assessing a carbon tax on retail products. Connecticut is considering a proposal for a regional collaborative on assessing such a fee.
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…
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…
With the federal government’s U-turn on climate policy, states are taking the lead in regulating greenhouse gas emissions. Specifically, carbon trading is gaining traction as more jurisdictions are joining cap-and-trade markets.The two regional blocs in the U.S., California, Quebec, and Ontario’s cap-and-trade system and the Regional Greenhouse Gas Initiative (RGGI) involving nine Northeastern states, recently outlined their plans after 2020 ending uncertainty about their medium-term future.
DetailsWith the federal government’s U-turn on climate policy, states are taking the lead in regulating greenhouse gas emissions. Specifically, carbon trading is gaining traction as more jurisdictions are joining cap-and-trade markets.The two regional blocs in the U.S., California, Quebec, and Ontario’s cap-and-trade system and the Regional Greenhouse Gas Initiative (RGGI) involving nine Northeastern states, recently outlined their plans after 2020 ending uncertainty about their medium-term future.
The Virginia Air Pollution Control Board has approved a proposal to reduce power sector carbon dioxide emissions by 30 percent between 2020 and 2030. The proposal would link Virginia with the Regional Greenhouse Gas Initiative (RGGI), the nation’s first mandatory cap-and-trade program. The proposal is consistent with RGGI’s recently announced proposed improvements that caused a rebound in allowance prices in the September auction. With member states in agreement over the program's post-2020 path, RGGI is likely in for a boost that could see both price increases in future auctions and additional states joining the group.
The Virginia Air Pollution Control Board has approved a proposal to reduce power sector carbon dioxide emissions by 30 percent between 2020 and 2030. The proposal would link Virginia with the Regional Greenhouse Gas Initiative (RGGI), the nation’s first mandatory cap-and-trade program. The proposal is consistent with RGGI’s recently announced proposed improvements that caused a rebound in allowance prices in the September auction. With member states in agreement over the program's post-2020 path, RGGI is likely in for a boost that could see both price increases in future auctions and additional states joining the group.
The California legislature has passed legislation extending the cap-and-trade program, the centerpiece of the state’s efforts against climate change. The extension aligns the program with the state’s 2030 emissions reduction targets. It cements California’s role as a leading state in climate policy nationwide at a time when federal climate policy remains uncertain.
DetailsThe California legislature has passed legislation extending the cap-and-trade program, the centerpiece of the state’s efforts against climate change. The extension aligns the program with the state’s 2030 emissions reduction targets. It cements California's role as a leading state in climate policy nationwide at a time when federal climate policy remains uncertain.
Clearing prices in the June 2017 RGGI auction dropped to their lowest level in over four years, marking a sharp turn from the December 2015 auction which had reached a record high. The decline in prices can be attributed to uncertainty about the RGGI program after 2020 with regard to the future value of emissions allowances, as well as uncertainty over the future of the Environmental Protection Agency's Clean Power Plan. RGGI’s emission cap must extend at least until 2030 to provide certainty for market participants who are bracing for the end of the program currently slated for the end of 2020.
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