State officials say California’s latest carbon-permit auction has raised nearly $330 million.
The Sacramento Bee reported industrial firms and others bought emissions allowances that can be used this year and in 2017.
At the auction on Monday, the 2014 allowances sold for $11.34 per ton, while the 2017 permits went for $11.38.
It was the sixth state-run carbon auction since California’s cap-and-trade market system began in 2012.
The California Air Resources Board says in total California firms have now spent a combined $1.54 billion for the right to emit greenhouse gases since the program was launched.
The cap-and-trade program places a limit on emissions from individual polluters. Businesses are required to cut emissions to cap levels or buy extra pollution allowances from other companies to make up for their overages.
Topics California
Was this article valuable?
Here are more articles you may enjoy.
Uber and FedEx Get Green Light for Racketeering Suit Against Lawyers, Doctors 
Ex-NFL Player Sentenced to 16 Years in Prison for $200M Medicare Fraud Scheme 
Florida Governor Signs Bill Dropping Building Permits for Work Valued at $7,500 or Less 
Hedge Funds Make Their Move as Litigation Finance Assets Slump 
