21.8 mil carbon allowances to be auctioned

21.8 million California carbon allowances (CCAs) for delivery in 2013 will be sold at the state’s first carbon auction, scheduled for November 14.

According to the California Air Resources Board (ARB), the group responsible for implementing the state’s economy-wide carbon market, an additional 39.5 million CCAs for delivery in 2015 will also sold.

The ARB held a successful practice allowance auction last month that tested the market platform as regulated entities submitted their bids online.

On November 1, auction participants will learn how many CCAs they will be allocated for free, in order to ease industry’s transition to emission compliance.

CCAs for delivery in 2013 closed at $15.60 apiece last week.