California carbon trading at $14.70

California carbon allowances (CCAs) closed at $14.70 at the end of the week.

Trading was slow as regulated entities anticipate the first allowance auction scheduled for November 14.

The California Air Resources Board will auction over 21 million CCAs in the November election, generating hundreds of millions of dollars for the state to use to fund other programs aimed at reducing emissions.

Carbon offsets for use in the market maintained high prices, being offered at $12 apiece.

The supply of certified California offsets is expected to fall well short of demand, as only four project protocols, including forestry, have been approved for use.