California carbon allowances trading at $14.55

California carbon allowances to be delivered in 2013 saw prices rise to $14.55 over the course of the week.


Earlier this week Governor Jerry Brown published a letter voicing his support to link California’s market with Quebec, which may have driven prices up.


Quebec’s ambitious target to reduce carbon dioxide emissions by 20% below 2005 levels by 2020 is even more ambitious than California’s goal, which will likely make the Canadian province a net purchaser of California carbon allowances.


Prices for California carbon allowances have hovered between $14-16 since the start of the year, when regulated businesses began accounting for their annual emissions.


Over 450,000 California carbon allowances traded during the week, continuing the trend of healthy volume transactions.


Since January, over 9 million California carbon allowances have exchanged hands.


Carbon offset credits have gained attention over the past month as well.


Shell Energy announced the purchase of 500,000 carbon credits and the large California utility Pacific Gas & Electric issued a Request for Offers to buy carbon credits last month.