California carbon allowances trading at $12.10

California carbon allowances for delivery in 2013 saw prices remain steady as they closed the week at $12.10.


Volumes also remained high with 1 million vintage 2013 California carbon allowances exchanging hands.


The California Air Resources Board (ARB) will vote later this month on whether or not to adopt amendments to its climate Regulation that will impact the number of California carbon allowances regulated businesses will need to purchase.


California carbon offsets (CCOs) have begun seeing increased interest from companies that must begin accounting for their annual emissions.


It was reported that the first trade for CCOs took place this week.


Carbon offsets are generated from only a handful of project types that have been approved by the ARB.


So far less than 1 million offsets have been issued by the ARB, but demand for CCOs could reach up to 20 million by 2014.


Forest carbon projects are expected to provide a significant amount of CCOs since woodlands store millions of tons of carbon across the country.


CCOs are currently valued at roughly $9.