California carbon allowances trade at $14.25
California carbon allowances (CCAs) for delivery in 2013 saw prices remain steady, closing the week at $14.25 per tonne.
Over 800,000 California carbon allowances traded as the market continues to see a healthy volume of CCAs exchange hands.
Last month’s California carbon allowance auction saw all 12.9 million vintage 2013 CCAs reach a settlement price of $13.65.
Combined with the future sale of 2016 California carbon allowances, the February auction generated over $223 million in revenue that the state will use to fund other emission reducing projects, improve air quality in disadvantaged communities, and offset any increases in electric costs for average citizens.
Regulated businesses in the state will have to purchase California carbon allowances and carbon offset credits to account for their annual emissions.
Last week the California Air Resources Board (ARB) listed 2 Forestry, 10 Ozone Depleting Substance, and 13 Livestock Methane Capture projects that have applied to supply carbon offset credits to the California market.