Quebec-California cap-and-trade auction sells out

Quebec and California's latest joint cap-and-trade auction has sold out, weeks before Ontario is set to become part of that market.

The results of last week's auction, released today, show the third sell-out in a row for current credits as well as the second sell-out in a row for 2020 credits.

Experts say strong sales of future credits show confidence in the longevity of the market.

Quebec and California have been jointly holding cap-and-trade auctions since 2014, and as of Jan. 1, 2018, those will include Ontario, which has been running its own cap-and-trade system this year, with three sell-out auctions in a row.

The system aimed at lowering greenhouse gas emissions puts caps on the amount of pollution companies in certain industries can emit, and if they exceed those limits they must buy allowances at auction or from other companies that come in under their limits.

Ontario has pulled in about $1.5 billion this year from cap-and-trade, which the government says is going to green projects, with the last auction for the year set for Nov. 29.

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