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California Nets $860 Million From Carbon Auction

SACRAMENTO, Calif. (AP) – California permits to emit carbon sold out for the second straight auction, generating about $860 million for the state. Quarterly auction results released Tuesday show demand remains strong for pollution permits since California lawmakers renewed the state’s cap-and-trade program. The program requires polluters to obtain a permit to release greenhouse gases. Auction proceeds pay for a variety of environmental, transportation and other projects including high-speed rail and clean-vehicle subsidies. Permits sold for $15.06 for current emissions, the highest price ever. That’s the nearly $1.50 above the auction floor. Permits for emissions in 2020 and beyond sold for $14.76. Lawmakers voted in July to reauthorize the cap-and-trade program through 2030. Before that demand for permits plummeted as businesses waited to see if the program would continue.