Results of the May 15 Québec-California-Ontario
Carbon Market Joint Auction

Québec, May 23, 2018. – The results of the May 15 greenhouse gas (GHG) emission units auction held jointly with the California Air Resources Board (CARB) and the Ontario Ministry of the Environment and Climate Change (MEACC) were made public today.

During the sale, 90,587,738 current vintage emission units were sold at $18.72 CA ($14.65 US), and 6,057,000 2021 vintage emission units went for $18.56 CA ($14.53 US). The sale generated in the order of 190 million Canadian dollars in revenue for Québec. This entire amount will be paid into the Green Fund to finance the measures contained in the 2013-2020 Climate Change Action Plan, for the benefit of Québec society.

• To date, the carbon market has generated revenue of over 2.4 billion dollars for Québec, all of which is used to support Québec companies, municipalities, institutions and citizens in their transition to a low carbon world.
• The next auction will take place on Tuesday, August 14, 2018. An official notice will be published on the MDDELCC website 60 days before the auction, as stipulated in the regulation. The registration period will begin on the day the notice is published.
• Québec aims to reduce its GHG emissions by 20% below 1990 levels by 2020 and by 37.5% by 2030, while committing to a reduction of 80 to 95% by 2050, in accordance with the Under2MOU (Memorandum of Understanding). This reduction level is consistent with the recommendations of the Intergovernmental Panel on Climate Change for industrialized countries.