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.

FACT:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn't fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2019 demands.

We Recommend

Latest

Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate