Québec City, November 24, 2015 – The Minister of Sustainable Development, Environment and the Fight against Climate Change, David Heurtel, today made public the results of the November 17, 2015 auction of greenhouse gas (GHG) emission allowances that was held jointly with California. This was the fifth joint auction held since the Québec and California markets were linked on January 1, 2014.
In all, 75,113,008 current year (2015) units were sold at a price of $17.00 CAD ($12.73 USD), while 10,431,500 2018 units were sold at a price of $16.89 CAD ($12.65 USD). The sales generated gross income in the order of 210 million Canadian dollars for Québec, while total auction income to date for Québec is approximately 967 million dollars. All proceeds from the carbon market are paid to the Green Fund to implement measures in the 2013-2020 Climate Change Action Plan. These tools will help Québec to reach its objective of reducing its GHG emissions by 20% below their 1990 levels by 2020.
“The carbon market is the centerpiece of Québec’s strategy for fighting climate change. In addition to ensuring GHG emission reductions, it is a green fiscal tool that bolsters the re-launching and sustainable development of our economy. By 2020, more than 3.3 billion dollars will have been invested to support Québec’s businesses, municipalities and private citizens in their transition to a low-carbon world. Together, we can fight climate change in order to ensure a better quality of life for our children. Let’s do it for them!” Minister Heurtel stated.
Québec is a committed actor in the worldwide effort to fight climate change and intends to maximize the positive consequences of this struggle to improve its population’s quality of life. As an example, last July, Québec signed the Under 2 MOU Memorandum of Understanding on Subnational Global Climate Leadership that aims to reduce emissions by 80 to 95% by 2050 in industrialized countries, as recommended by the Intergovernmental Panel on Climate Change (IPCC). This October, the government held public hearings on its proposal to set Québec’s 2030 emission reduction target at 37.5% below 1990 levels. The final number will be announced prior to the Paris Climate Conference, which is scheduled to take place from November 30 to December 11, 2015.
The summary of the results of the November 17, 2015 auction is available on the Ministère’s website at www.mddelcc.gouv.qc.ca/changements/carbone.
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