In an historic day, on November 14 California’s Air Resources Board successfully conducted the first “live” auction of permits, or emission allowances, under the state’s new statewide GHG emissions reduction program. On offer were 23.1 million vintage 2013 allowances and 39.5 million vintage 2015 allowances, with strong demand. About 600 industrial facilities and utilities will be involved in the cap and trade program, just one piece of California’s efforts to meet the goal of a 17% reduction in greenhouse gas emissions by 2020 under AB 32. We expect a smooth transition for the program launch on January 1, 2013, with our projects playing an important role in helping California companies cost efficiently meet their compliance obligations. Future auctions will be held quarterly.
EOS was interviewed by Marketplace, in a story airing on auction day, the only California company featured.