California Cap & Trade Permits Hit a New Auction High

Permits to emit greenhouse gases in California hit a new high at the most recent quarterly auction:

The LA Times has more:

During August’s auction, every emission permit offered by the state was sold, and prices reached their highest level since the program launched five years ago. The auction results, announced Tuesday, were the first since Gov. Jerry Brown signed legislation continuing cap and trade until 2030, erasing some of the political and legal uncertainty that had dogged the program.

….Even though the cost of permits has been rising, it may not happen fast enough to provide an adequate financial incentive for companies to clean up their operations, said Danny Cullenward, a Stanford University energy economist. State regulators should take steps to ensure they’re auctioning the right number of permits because making too many available could allow too many emissions, he said.

It’s a start.

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Thank you!

We didn't know what to expect when we told you we needed to raise $400,000 before our fiscal year closed on June 30, and we're thrilled to report that our incredible community of readers contributed some $415,000 to help us keep charging as hard as we can during this crazy year.

You just sent an incredible message: that quality journalism doesn't have to answer to advertisers, billionaires, or hedge funds; that newsrooms can eke out an existence thanks primarily to the generosity of its readers. That's so powerful. Especially during what's been called a "media extinction event" when those looking to make a profit from the news pull back, the Mother Jones community steps in.

The months and years ahead won't be easy. Far from it. But there's no one we'd rather face the big challenges with than you, our committed and passionate readers, and our team of fearless reporters who show up every day.

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