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Demand Rebounds For California Pollution Permits

Señor Codo / Flickr
 

Señor Codo / Flickr

(AP) - Demand for California pollution permits rebounded in the first quarterly auction since an appeals court upheld the program.

The California Air Resources Board said Wednesday that it sold out of permits to release greenhouse gases during 2017. The demand exceeded the total supply, pushing prices above the minimum.

About 22 percent of permits for future emissions were sold.

Demand plummeted last year due in part to uncertainty from a lawsuit contending the auctions violate the California constitution. An appeals court rejected the argument in April and it's been appealed to the state Supreme Court.

California's cap-and-trade program is a key source of funding for a planned high-speed train between Los Angeles and San Francisco, as well as a variety of programs to reduce pollution.

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