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California Air Resources Board Announces Results of Carbon Auction

  

Ninety-six percent of the carbon allowances were bought at auction by companies required to do so in order to meet greenhouse gas reduction targets.

The price of each allowance was $11.48, just 77 cents more than the minimum price allowed.

Emily Reyna with Environmental Defense Fund says that’s not necessarily bad.

“Opponents were saying that cost could be upwards to $70 to $100 or more," says Reyna.

"This low price means that we can actually achieve our emission reductions in a very cost-effective manner and that’s exactly what the cap and trade program is meant to do.”

The auctions have brought in more than $500 million to the state.
 
Proceeds must be invested in projects that reduce greenhouse gas emissions.
 
And at least 25 percent is supposed to provide clean energy to disadvantaged communities.