Business & Real Estate

Rescheduled California-Quebec carbon auction called “a success”

California’s latest auction of carbon emissions allowances proceeded smoothly Tuesday, about a week later than originally scheduled.

The rescheduled auction went off as planned, said David Clegern, spokesman for the California Air Resources Board. The auction was supposed to take place last Wednesday but was postponed because of technical problems in the electronic auction platform.

The ARB auctions carbon credits every three months as part of its “cap and trade” program, which is designed to reduce greenhouse gases. Several hundred major industrial firms are required to participate in the program.

Tuesday’s auction was the first that was linked to the Canadian province of Quebec’s cap-and-trade program. That meant credits purchased in California can be used in Quebec and vice versa. California officials say bringing in additional states and provinces will enhance the effectiveness of the effort to curb greenhouse gases.

The joint auction “was a success,” the Quebec government announced. Actual results of the sale will be announced next Wednesday.